Maharaja & Speedex India Limited bought businesses for Rs 5.04 crore

Maharaja & Speedex India Limited, referred to as Maharaja & Speedex, acquired 100% of Dewdrop Bottles Private Limited and Speedex Online Private Limited for Rs 5.04 crore in 2025. Speedex Online, formerly Gulika Apparel Private Limited, accounted for Rs 3.54 crore, or about 70% of the combined consideration.

Why did Maharaja & Speedex buy businesses for Rs 5.04 crore?

Maharaja & Speedex bought the two businesses through share purchases that created its two wholly owned subsidiaries. The company agreed to pay Rs 1.50 crore for Dewdrop Bottles under a January 27, 2025 share-purchase agreement and Rs 3.54 crore for Speedex Online’s predecessor under a February 4, 2025 agreement.

The Dewdrop Bottles agreement covered 5 lakh equity shares, representing 100% of its paid-up equity capital, at Rs 30 per share. The Gulika Apparel agreement covered 10,000 equity shares, also representing 100% of paid-up equity capital, at Rs 54 per share. Acquiring all paid-up shares, rather than a minority interest, placed both companies within Maharaja & Speedex’s group structure.

Speedex Online was the larger acquisition by value despite representing only 10,000 of the 5.10 lakh shares acquired. Its Rs 3.54 crore consideration was Rs 2.04 crore above Dewdrop Bottles’ Rs 1.50 crore price, while Dewdrop Bottles represented about 98% of the shares purchased. Maharaja & Speedex disclosed these transactions as the exceptions to its statement that it had not acquired or divested businesses, merged, amalgamated or revalued assets during the preceding 10 years.

What did the two acquired businesses do?

Dewdrop Bottles operated in bottle and cooker categories, while Speedex Online’s predecessor had disclosed garments and household-goods e-commerce activity before its current bottle-related business description. Dewdrop Bottles’ stated activities include manufacturing, trading, designing, processing, importing and exporting stainless-steel bottles, feeding bottles, water bottles, and domestic and commercial cookers, including pressure cookers.

Dewdrop Bottles was incorporated on August 5, 2020, and has authorised equity share capital of Rs 1 crore and paid-up equity share capital of Rs 50 lakh. Its stated activities overlap with Maharaja & Speedex’s main objects, which cover stainless-steel and vacuum flask bottles, tiffins, food jars, storage jars, steel containers, cookware and consumer kitchen products. Maharaja & Speedex began trading in steel bottles in 2015-16 and introduced baby feeding bottles in 2022-23.

At the February 4, 2025 acquisition, Gulika Apparel’s sellers warranted that its business included manufacturing and trading readymade garments and clothing, plus retail trading of household goods through various e-commerce platforms. That pre-acquisition disclosure differed from Dewdrop Bottles’ bottle-and-cooker activities and documented an e-commerce household-goods retail component.

Speedex Online’s current disclosed business includes trading, manufacturing, importing, exporting, branding and distributing steel and metal-based bottles, flasks, tumblers, insulated containers and related lifestyle products. It also undertakes marketing and sales through online and offline channels and may collaborate, invest or enter partnerships for expansion and allied lawful activities. The current description therefore places both subsidiaries in steel or metal bottle categories, although their disclosed pre-acquisition business descriptions differed.

How did Gulika Apparel become Speedex Online?

Maharaja & Speedex acquired Gulika Apparel in February 2025, and the subsidiary was renamed Speedex Online Private Limited on December 19, 2025. The Registrar of Companies, Central Processing Centre issued a certificate of incorporation for the name change, while the company retained Corporate Identification Number U17309DL2018PTC340222 from its October 5, 2018 incorporation.

The dates distinguish the ownership transaction from the subsequent name change. Maharaja & Speedex agreed to purchase all 10,000 Gulika Apparel shares for Rs 3.54 crore on February 4, 2025, about 10 months before the Speedex Online name took effect. The agreement also provided that Maharaja & Speedex would be classified as promoter or holding company and assume responsibility for future acts, deeds and liabilities.

Speedex Online changed its registered office twice in 2026. It moved from Pitampura to Jahangir Puri on February 24, 2026 to reduce administrative costs and improve operational efficiency, then moved within the Jahangir Puri property on April 8, 2026 to accommodate expanding operations and improve office-space use.

How much control does Maharaja & Speedex hold over its subsidiaries?

Maharaja & Speedex holds 99.99% directly in each subsidiary, with one remaining nominee share in each entity, and reports both as wholly owned subsidiaries. In Dewdrop Bottles, Maharaja & Speedex holds 4,99,999 of 5 lakh paid-up shares, while Rakesh Kumar Aggarwal holds one share on behalf of Maharaja & Speedex.

In Speedex Online, Maharaja & Speedex holds 9,999 of 10,000 paid-up shares and Rakesh Kumar Aggarwal holds the remaining one share. The direct 99.99% stake and the 0.01% nominee holding produce 100% ownership in both companies. As of the Red Herring Prospectus date, Maharaja & Speedex reported no holding company, associate company or joint venture.

Neither subsidiary had accumulated profits or losses excluded from Maharaja & Speedex’s restated consolidated financial information. The disclosure applies to Dewdrop Bottles and to Gulika Apparel, the former name of Speedex Online. This means the prospectus does not identify unaccounted subsidiary profits or losses outside the issuer’s restated consolidated financial information.

Conclusion

Maharaja & Speedex used Rs 5.04 crore of 2025 share purchases to establish Dewdrop Bottles and Speedex Online as wholly owned subsidiaries. Dewdrop Bottles brought disclosed stainless-steel, feeding and water bottle operations alongside cookers, while Speedex Online combined a predecessor’s garments and e-commerce household-goods history with a current business description focused on metal bottles, flasks, tumblers and insulated containers.

The next disclosed matter to watch is Speedex Online’s execution of its online and offline marketing and sales activities, including its stated ability to collaborate, invest or enter partnerships for expansion. Maharaja & Speedex has disclosed the December 19, 2025 renaming and the February and April 2026 office moves, but it has not disclosed subsidiary-specific revenue, profitability or a separate investment plan for either subsidiary.