Social media platform Grapevine is in talks to raise Rs 33.86 crore (nearly $3.8 million) in its Series A round, led by Kae Capital, per a report by Entrakr on Saturday.
Venture capital (VC) firms Peak XV Partners and Unilazer Ventures will also participate in the round, valuing the company at around Rs 150 crore ($17 million), the report added.
Citing the company’s latest regulatory filing with the Registrar of Companies (RoC), the report confirmed that the board approved a special resolution to issue 44,325 Series A preference shares at Rs 7,599.5 per share to raise the stated amount.
Founded in 2023, Grapevine is a platform that facilitates open and anonymous discussions on topics including career, finance, professional experiences, and personal matters. It competes with the likes of Reddit, Threads by Meta, US-based Blind, Fishbowl, and Hush, among others.
Grapevine’s cofounders, Jainam Dinesh Talsania, Shreeyash Nitin Dharmadhikari, and Saumil Sanjai Tripathi, will collectively retain a 48.78% ownership stake in the company. The filing indicated that Kae Capital will invest Rs 18 crore, while Peak XV Partners and Unilazer Ventures will contribute Rs 7 crore and Rs 8.6 crore, respectively.
The company plans to utilise the funds for expansion initiatives and overall business growth, the report noted.
Following the transaction, Peak XV Partners will hold a 20.77% stake, while Kae Capital and Unilazer Ventures will own 11.97% and 5.69%, respectively.
Venture capital (VC) firms Peak XV Partners and Unilazer Ventures will also participate in the round, valuing the company at around Rs 150 crore ($17 million), the report added.
Citing the company’s latest regulatory filing with the Registrar of Companies (RoC), the report confirmed that the board approved a special resolution to issue 44,325 Series A preference shares at Rs 7,599.5 per share to raise the stated amount.
Founded in 2023, Grapevine is a platform that facilitates open and anonymous discussions on topics including career, finance, professional experiences, and personal matters. It competes with the likes of Reddit, Threads by Meta, US-based Blind, Fishbowl, and Hush, among others.
Grapevine’s cofounders, Jainam Dinesh Talsania, Shreeyash Nitin Dharmadhikari, and Saumil Sanjai Tripathi, will collectively retain a 48.78% ownership stake in the company. The filing indicated that Kae Capital will invest Rs 18 crore, while Peak XV Partners and Unilazer Ventures will contribute Rs 7 crore and Rs 8.6 crore, respectively.
The company plans to utilise the funds for expansion initiatives and overall business growth, the report noted.
Following the transaction, Peak XV Partners will hold a 20.77% stake, while Kae Capital and Unilazer Ventures will own 11.97% and 5.69%, respectively.