Fund News
Neobank Fi raises $45-M from Alpha Wave in Series C Round
Bengaluru-based consumer-focused neo-banking platform Fi (formerly epiFi) has raised INR 355 crore (USD 45 million) in its series C financing round led by existing investor Alpha Wave Ventures. The company is to allot 2,32,980 Series C Compulsory Convertible Preference Shares (CCPS) to Alpha Wave Ventures at an issue price of INR 15,239.38 per share. Fi is estimated to have raised the fresh capital at a post-money valuation of USD 520 million. The company was valued at USD 325 million when it raised USD 50 million led by B Capital (in Nov-21). Led by former Google Pay executives – Sujith Narayanan and Sumit Gwalani – Fi provides millennial-focused digital banking solutions with saving accounts. Fi had reported zero revenue for FY20 and FY21.
From the Venture Intelligence PE-VC Deal Database: BetweenOct-19 and Nov-21, epiFi had raised over USD 75 M from Quiet Capital, B Capital Group, Alpha Wave Global, Rainmatter Capital, Hillhouse Capital, Ribbit Capital, Sequoia Capital India, Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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