Dukaan raises $6 Mn from Lightspeed and Matrix; valuation jumps 18X
Dukaan raises $6 Mn from Lightspeed and Matrix; valuation jumps 18X – Rankz Inc’s Dukaan, which was recently faraway from Google Play Store, has raised $6 million in its seed round led by Lightspeed and Matrix Partners. this is often the second financing round for the Bengaluru-based company that permits digital storefront for little merchants.
Dukaan has allotted 5,327 Seed 2 CCPS to boost the aforementioned amount, shows regulatory filings. Both Lightspeed and Matrix have infused Rs 18.6 crore each, while Sprout Investments have poured in Rs 2.05 crore within the fresh round.
Appyhigh and Venture Catalyst have also joined the round with investments of Rs 33 lakh and Rs 37 lakh respectively while Weekend Fund has invested Rs 1.1 crore as the inclusion of angel investors including Haresh Chawla, Kunal Shah, and Atul Jain among others.
In August, Entrackr had exclusively reported that Dukaan was in advanced talks with Lightspeed and Matrix to boost a $6 million seed round.
According to Fintrackr’s estimates, the organization has been valued at nearly Rs 165 crore or $22.5 million post this funding tranche a jump of 18X from its previous valuation earlier this year. the difficulty price per share has also increased 11X from Rs 7,444 to Rs 82,189 per share during an equivalent period.
The company also passed a special resolution to convert 242 convertible debentures held by Matrix and Lightspeed equally into 242 Seed CCPS worth nearly Rs 2 crore.
With an enhanced stake from 76.95% to 46.84% post allotment of this round. Shah remains the most important stakeholder, controlling 22.19% whereas Pandey and Choudhary retain 7.89% and 16.76% stake respectively. Anuraag Meena is that the fourth co-founder of Dukaan.
Institutional investors Matrix Partners and Lightspeed have increased their respective stakes to 12% each while Sprout Investments now controls 4.5% ownership within the company.
Dukaan had leveled charges of plagiarism against Khatabook following which the latter filed a writ petition within the Karnataka supreme court. The supreme court had restrained Dukaan’s co-founder Shah from infringing KhataBook’s copyright over the ASCII text file of the “Dukaan” application.
Currently, the Dukaan app has been barred from downloading on Play Store also as on android application package or APK.
Focusing on small merchants like Kirana stores and pan shops, Dukaan claims to line up online stores instantly and allow them to share inventories and offerings on WhatsApp.
While the firm has got to wait to urge back on Play Store, the e-commerce enablement space has seen the entry of over half a dozen players. aside from OKCredit, Bikayi, MSwipe, Magicpin, Khatabook’s MyStore, and Pay-backed dot also launched their app with similar features.
Read more News & Trends on India Frontline.