Faasos has been working towards a $100 million fundraise since October last year. A month before these plans were revealed by media, the company had raised Rs 84.3 crore (approximately $12 million) in August end last year.
That was raised via issuance of 2,984 Series C5 CCCPS and 200 equity shares each priced within the range of Rs 2.5 lakhs to Rs 2.7 lakhs. Sistema Asia had lead this tranche by pouring in Rs 27.87 crore.
Lightbox Ventures, Sequoia Capital India, Ru-Net South Asia, Evolvence India were other participants in the round.
Two months later, October end saw the company raising another $2 million (Rs 14.62 crore) from Kersiwood South Asia via 520 Series C5 CCCPS priced at Rs 2.8 lakhs each.
In another tranche in December 2018, Sequoia India poured in another Rs 46.33 crore ($6.5 million approx) via 1,693 Series C5 CCCPS at rates somewhere around Rs 2.7 lakhs each.
Faasos closed 2018 with a debt fund of Rs 30 crore from Alteria Capital, also issuing it additional 112 Series C6 CCCPS each worth Rs 2.6 lakhs for Rs 3.02 crore.
Now, the company in a latest Series D1 CCCPS tranche has issued 2,388 shares of the new class priced in a range of Rs 4.35 lakhs to Rs 5 lakhs each. The total funding raised in this round stands at Rs 110.66 crore (almost $15.8 million).
Sequoia India has led this tranche with an investment of Rs 70.24 crore via a purchase of 1,514 CCCPS of D1 class. Lightbox has seconded the round with funds worth Rs 33.3 crore spent on 720 shares. Another existing investor Evolvence India invested the rest of Rs 7.12 crore on the remaining 154 shares.
The almost doubling of premium in the latest tranche hints at a significant increase in valuation of the company, where it also being reported that the company is seeking a $400 million worth valuation in the latest $100 million round. Last we know, the company was valued at around $200 million.
After this round, the shareholding of Lightbox in the company would increase to 18.8 per cent. This is combining the stake of both Lightbox Ventures II and Lightbox Expansion Fund entities of the VC. Similarly, Sequoia which invests via SCI Investments VI and Sequoia Capital India Trust will altogether hold a 7.44 per cent stake in the company.
Evolvence India’s shareholding, with this tranche, will become 2.14 per cent.
If we add the total preference and equity investments raised during FY19, since August last year, Faasos has collected funds worth Rs 258.93 crore, i.e. almost $37 million.
If the Series C5-C6 CCCPS rounds are part of the $100 million fundraising mission, then the company has completed one-third of its target. If not, the round has just started and will be an interesting pursuit to watch.