Bengaluru-based fintech startup Happay has raised $10.1 Mn (INR 65.13 Cr) in a Series B funding round led by Sequoia Capital India. Singapore-headquartered private equity fund Axiom Capital, AME Cloud Ventures, Brad Garlinghouse of Oak Street Trust and US-based businessman Ben Nelson also participated in the round.
As per filings with the Ministry of Corporate Affairs (MCA), the investment was raised last month, against the allocation of 6,294 preferential shares at a premium of $1,603 (INR 1.03 Lakh) a piece.
Confirming the fundraise, a spokesperson for the company said, “We are growing strong in India and our solutions are used by 4500+ businesses. We are present in 10 cities with partners in 27 cities. We are well funded today and are open to growth opportunities. In recent years, government’s policies like demonetisation, GST, has provided a conducive environment for the growth of digital payment, and we are looking at the next growth trajectory for business.”
As part of the funding round, Sequoia Capital has invested $5.98 Mn (INR 38.5 Cr) in Happay, while Axiom Capital has fuelled another $4 Mn (INR 25.75 Cr). Yahoo co-founder Jerry Yang-led AME Cloud Ventures has poured $54,274 (INR 35 Lakh) into the fintech startup.
The fundraise, according to a report by VCCircle, has raised Happay’s post-money valuation to somewhere between $53 Mn and $55 Mn. At present, Sequoia owns around 34.2% stake in the startup, while early investor Prime Venture Partners has 26% stake in Happay.
Some of Happay’s other shareholders include founders Anshul Rai and Varun Rathi, Times Internet and Axiom Capital, among others.