CreditMantri Eyes 51 cr in Series B
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