technology

Dhani Services to raise Rs 1,200 crore from General Catalysts, others


Mumbai: The board of Dhani Services Ltd. has approved a equity fundraise of Rs 1,200 crore—equivalent to 9% stake in the company—by way of preferential issue of shares to General Catalyst and others.

The Silicon Valley-based investor, which has backed companies like Stripe Inc. and Livongo, will invest Rs 375 crore in the fintech enterprise of Indiabulls cofounder Sameer Gehlaut, who’ll pitch in an equal amount. Ribbit Capital has also come on board, as have Think Investments and First Royalty Ventures.

The fundraising is subject to the approval of shareholders during an extraordinary general meeting to be held on November 17, according to regulatory filing on Wednesday.

Dhani is a primary healthcare and transactional finance platform. Its flagship product, One Freedom Card, provides customers with instant credit along with additional benefits such as access to doctors, discounted medicines, instant cashbacks and a free trading account. The company claims that it has over 30 lakh paid monthly subscriptions and more than 90 lakh monthly active users.

Gehlaut, who founded Indiabulls Group with two others 20 years ago before splitting it in 2014, had stepped down as the executive chairman of

Ltd in August last year. He then took over as the CEO of , which was then rebranded as Dhani Services. The company has a customer base of 3 crore customers spread across 500 cities in India.

On Wednesday, Dhani Services shares rose 2.09% to Rs 216.90 apiece on the BSE while the benchmark Sensex ended the day 0.74% lower at 61,259.96 points.

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