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UrbanClap founders commit $15 Mn investment as part of Series D round

UrbanClap founders commit $15 Mn investment as part of Series D round

Submitted by • October 7, 2020 entrackr.com

Founders often increase their stake for retaining control in the firm. Recently, Ola’s co-founders- Bhavish Aggarwal and Ankit Bhati had poured in about Rs 32 lakh for 3,22,387 shares. Usually, founders keep putting small amounts at various stages, however, UrbanClap co-founders have surprised everyone by promising Rs 107 crore to the company as part of a Series D round.

According to RoC filings with Ministry of Corporate Affairs, Abhiraj Bhal, Raghav Chandra and Varun Khaitan are investing Rs 35.66 crore each in UrbanClap in installments. The trio will be picking up partly paid 17,292 shares (5,764 each) in their brainchild. Importantly, they will be paying premium of Rs 61,862 per share that account for a nominal value of Re 1.

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