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Exclusive: IPO-Bound StockGro Raises ₹110 Cr From Existing Backers

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Exclusive: IPO-Bound StockGro Raises ₹110 Cr From Existing Backers

Invest tech startup StockGro, which pre-filed its IPO papers last week, raises ₹110 Cr (around $10.4 Mn) as a part of its ongoing Series B round. 

As per MCA documents accessed by Inc42, existing investor BITKRAFT Ventures is set to lead the fresh round of funding. Aditum Venture Capital Fund, India SME Growth Fund, and actor Suniel Shetty are among the other investors participating in the round.

As per the filing, StockGro’s board approved issuing 14,004 Series B CCPS at a price of ₹78,668 per share, aggregating to ₹110.16 Cr. Out of this total amount, BITKRAFT is infusing ₹60.1 Cr, followed by Aditum Venture Capital Fund with ₹23.1 Cr.

Rest of the amount will be contributed by India SME Growth Fund, Systematix Fincorp, and angel investors like Vanaja Sundar Iyer, Jignesh Vijay Shah, Suniel Shetty, among others. 

The fresh capital will be used to fuel growth and expansion of the startup’s operations, meeting working capital requirements and other general corporate purposes. 

It is pertinent to note that the startup has raised capital across multiple tranches under its Series B funding round. In December last year, StockGro raised ₹150 Cr from Param Capital founder Mukul Agarwal. Days after, it announced a fundraise of $13 Mn in a Series B1 funding round from existing investor BITKRAFT Ventures. 

The fresh tranche seems to be an extension of the Series B round. StockGro declined to comment on Inc42’s queries on the fresh funding round. 

The investment comes in the run up to the startup’s public market debut.


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