Cred­itMantri Eyes 51 cr in Se­ries B

The Economic Times - - Disruption: Startups & Tech - Mugdha.Vari­yar@ times­group.com

Ben­galuru: Cred­itMantri Fin­serv, a fi­nan­cial tech­nol­ogy startup that runs a credit fa­cil­i­tat­ing plat­form by the same name, is set to raise .₹ 51 crore from ex­ist­ing in­vestors IDG Ven­tures In­dia and Ac­cion as well as some new in­vestors in its se­ries-B round, as per doc­u­ments filed with the Reg­is­trar of Com­pa­nies.

The res­o­lu­tion for the fundraise was ap­proved at an ex­tra­or­di­nary gen­eral meet­ing of the com­pany’s mem­bers on Fe­bru­ary 9 to in­crease the au­tho­rised share cap­i­tal of the com­pany. The Chen­nai-based com­pany is in talks with Ac­cion, which had ear­lier in­vested through its Ven­ture Labs and is now also set to in­vest through the Ac­cion Fron­tier In­clu­sion Fund, Newid Cap­i­tal and ex­ist­ing in­vestors IDG Ven­tures In­dia and El­e­var Eq­uity, as per the doc­u­ments.

Cred­itMantri is set to allot 305 eq­uity shares for a face value of .₹ 10 and a pre­mium of .₹ 533 and 9,46,288 com­pul­so­rily con­vert­ible cu­mu­la­tive par­tic­i­pat­ing pref­er­ence shares (CCCPS) of .₹ 10 each at a pre­mium of .₹ 533. Of the 305 eq­uity shares be­ing is­sued by the com­pany, 160 are set to be al­lot­ted to Ac­cion Fron­tier, which will also get 4,97,078 se­ries-B CCCPS. Newid Cap­i­tal is set to get 20 eq­uity shares.

Cred­itMantri had raised about .₹ 15 crore in se­ries-A fund­ing in 2015 from IDG Ven­tures In­dia, El­e­var Eq­uity and Ac­cion Ven­ture Labs.

Co is in talks with Ac­cion Newid Cap­i­tal and ex­ist­ing in­vestors IDG Ven­tures In­dia and El­e­var Eq­uity

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