Happy Tuesday! Furlenco is heading to Dalal Street for a potential Rs 1,200 crore IPO. This and more in today’s ETtech Morning Dispatch.

Also in the letter:
■ Microsoft’s new India hub
■ Ashwini Vaishnaw on AI safety
■ Indian diaspora founders catch unicorns

Furniture rental company Furlenco gears up for Rs 1,200-crore IPO

Ajith Mohan Karimpana, founder, Furlenco

Subscription-based furniture company Furlenco, backed by the makers of Kurlon and Sleepwell mattresses,

initial public offering (IPO), sources said.

IPO details:

• Furlenco is seeking a valuation of around Rs 7,000 crore, sources cited above said. The final valuation will be decided closer to the IPO depending on market conditions and the response during investor roadshows, they added.
• The IPO is expected to be launched in the next fiscal year.
• The Bengaluru-based company is expected to soon finalise ICICI Securities as an advisor.

Financials: Founded in 2012, Furlenco reported Rs 370 crore in revenue from operations in FY26, up 62% year-on-year. Its net profit jumped 19-fold to Rs 59.5 crore during the year, while Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortization) nearly doubled to Rs 129.5 crore, translating into an Ebitda margin of 35%.

Snapdeal parent AceVector files red herring prospectus; cuts IPO size

Rohit Bansal (left) and Kunal Bahl, cofounders of Snapdeal and Unicommerce parent AceVector Group

Snapdeal and Unicommerce parent AceVector

, according to its red herring prospectus filed on Monday.

Details:

• The size of its offer-for-sale component is also being reduced by 35%.
• Investors including SoftBank, Nexus Venture Partners, Foxconn and others will trim their stake.
• Founders Kunal Bahl and Rohit Bansal, who together hold around a 34% stake directly and through other related entities, are not selling any stake.
• AceVector now plans to raise Rs 287 crore in fresh capital against Rs 300 crore earlier.
• The price band is expected to be announced on September 22.

Financials: During fiscal 2026, AceVector's operating revenue grew 30% to Rs 510 crore, even as it cut down its net loss to a third at Rs 45 crore against Rs 126 crore in FY25.

Moneyview eyes $600 million IPO valuation, 20% below its last private market peg

Sanjay Aggarwal and Puneet Agarwal, cofounders, Moneyview

Digital lending platform Moneyview is seeking a valuation of Rs 5,985 crore ($600 million) at the upper end of the price band for its IPO (initial public offering), which is about 20% lower than the roughly Rs 7,500-crore valuation at which it last raised primary capital in December 2022.

IPO details: The company has set a price band of Rs 32-34 per share for the IPO, which will open for subscription on September 24 and close on September 28.

The deal: Existing shareholders, including Accel, Tiger Global, and Ribbit Capital, along with promoters Puneet Agarwal and Sanjay Aggarwal, are selling shares in the OFS component of the IPO.

Investor gains: Venture capital firms Accel, Ribbit Capital, and Tiger Global are sitting on multi-fold returns on their investments in digital lender Moneyview at the upper end of its IPO price band, despite the public issue valuation being below its last primary funding round.

Microsoft in ‘action cycle’ on data centres, says India president Puneet Chandok

Puneet Chandok, President, Microsoft India and South Asia

Microsoft

for new data centre regions in India and other markets as demand for cloud and AI infrastructure grows, said Puneet Chandok, the company’s president for India and South Asia.

Verbatim: “We’re always looking at it because, as you can imagine, these regions take a lot of time to build,” Chandok told us. “The reason we’re first out of the gates, the reason we’re not in an intent cycle but in an action cycle, unlike the industry today where people are announcing everything, is we started a long time ago,” he said.

New launch: On Monday, Microsoft

in Hyderabad, positioned as a strategic hub for Asia and the Global South. Its other Indian cloud regions are in Pune, Chennai and Mumbai.

Chandok said India currently has about 2 GW of data centre capacity but will need 10-14 GW in the coming years. Globally, Microsoft is expanding from around 12 GW today to more than 38 GW by 2032, with India expected to remain a “meaningful part” of that growth, he said.

On AI safety: On AI safety, Chandok reiterated Microsoft’s stance that “AI has to be built in the service of humanity” and that AI systems and agents must remain under human control.

Other Top Stories By Our Reporters

Ashwini Vaishnaw, Union minister for IT

Ashwini Vaishnaw on AI safety: Union minister Ashwini Vaishnaw said that regulating AI

both law and technical safeguards, and that companies building the technology must take the lead on safety.

Indian diaspora founders’ unicorn value: Founders

in India have built or cofounded 205 current and former unicorns overseas, with about $560 billion of the companies’ value attributed to them, according to a report by Prosus and Dealroom.

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