VC Fund Investments
Parent co. of social commerce platform WMall raises Rs.65-Cr from Bessemer Venture, others
Bengaluru-headquartered Blitzscale Technology , the parent company of social commerce focused WMall and e-commerce enabling software ShopDeck, has raised INR 65.2 crore (approximately USD 7.85 million) in a new round.Blitzscale will issue 4,385 CCPS (compulsorily convertible preference shares) at an issue price of INR 1,48,672 each.Bessemer Venture has led the round with INR 35.24 crore while Chiratae Ventures and Elevation Capital invested INR 9 crore and INR 11 crore respectively. VH Capital and Reed India cumulatively participated with INR 9.85 crore in the extended Series B round (B1). The firm has been valued at around INR 426 crore (USD 50 million) post-allotment.Following the latest deal, Elevation Capital is the largest external stakeholder with 19.3% followed by Chiratae Ventures with 16.34%. Co-founders Harmin Shah and Rishabh Verma collectively hold 43% stake in the company.Blitzscale Technology ended FY23 with INR 19.4 crore revenue and a INR 9 crore loss.
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