ToneTag, which counts Google, Amazon, and major Indian banks among its clients, claims to process over $32 billion in total payment volume
Felicity Games plans to use the funds raised to expand its publishing infrastructure and deepen its relationships with Indian game studios.
Pai further said that in 2015-16, the ecosystem barely existed. However, over the last decade, the scenario has changed significantly.
While the round is likely being led by a new investor, Eight Roads Ventures, existing backers like 3one4 Capital and Elevation Capital will also participate, sources told Moneycontrol.
Narayana Murthy will appear on the first-ever episode of 3one4 Capital's 'The Record' in conversation with TV Mohandas Pai
The Bengaluru-based startup said it would use the fresh funds to strengthen its tech platform, expand its team size and reach newer locations in the country. The company however did not comment on its valuation.
The fund, which was raised in two-and-a-half months despite weak market sentiments, was oversubscribed to the extent of $250 mn. The management however, decided to stick to the intended size
Executives from the hedge fund company’s US office have met investors many times in Bengaluru. The meetings are happening at a time when the company is increasingly looking at investing in younger startups across the world as some of its late-stage bets are turning sour.
The company, over a year old, currently has a workforce of about 30 and plans to double the strength in the coming six to eight months, cofounder Aishwarya Jaishankar told Moneycontrol. She added the funds will also be used for product innovation and business development.
After this round, the total funding stands at around $12 million, informed the company.
The company raised this fund in pre-Series A round led by 3one4 Capital with participation from existing investors Omnivore and Wavemaker Partners, Fasal said in a statement.
Open had announced on October 12 that it raised $100 million in its Series C round led by Temasek and that it plans to use the funding to further strengthen its new product lines and foray into global markets.
The appointment makes Pai the first and youngest environmental, social and governance officer, says fund. Pai is also a Founding Partner and Chief Financial Officer at 3one4 Capital.