PE-VC Fund Investments
Wedding services startup Meragi to raise Rs.29-Cr in bridge round from Accel, DG Daiwa, Peak XV
Bengaluru-based Meragi is set to raise INR 28.68 crore in a bridge round. The investment will see participation from existing investors Accel India and Peak XV Partners, besides new investor DG Daiwa Ventures.Founded in 2021 by Mukund Mohan Raj, Abhinav Chandran and Lakshminarayan B, Meragi provides various wedding-related services, including decoration, photography, videography, makeup, hairstyling, mehendi, catering, venue selection, entertainment and invitations.The company’s board will issue 3,330 compulsorily convertible preference shares (CCPS) and 10 equity shares at INR 85,880.21 per share. Accel India will lead the round with an investment of INR 14.34 crore, followed by DG Daiwa Ventures with INR 9.56 crore and Peak XV Partners with INR 5.56 crore.Following this allotment, Accel India will hold a 22.14% stake in the firm, while Venture Highway and Surge Ventures will hold 15.92% and 15.85% stakes, respectively. Peak XV Partners and DG Daiwa Ventures will hold 7.80% and 3.17% stakes, respectively. The post-money valuation of the firm will be about INR 305 crore.
Between Sep 2022 and Jun 2024, Meragi had attracted about USD 14 M from Accel India, Peak XV Partners, VH Capital and others.
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