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Fingerlix raises Series C funding from Swiggy, Accel, others
Photo Credit: VCCircle

Fingerlix, a ready-to-cook food brand, has raised around Rs 20 crore (about $2.76 million) as part of its Series C fundraising exercise, according to a report.

Mumbai-based Fingerlix, operated by Maverix Platforms Pvt. Ltd, has raised this capital from investors including Swiggy, Accel, Rhodium Trust, Horizon Techno and Frigerio Conserva Allana, Entrackr reported, citing regulatory filings.

The company has issued nearly 3.5 lakh Series C2 compulsorily convertible preference shares to 11 investors, along with a little more than 47,500 optionally convertible preference shares to Swiggy at an issue price of Rs 501.08 (about $6.91) apiece.

Swiggy, Accel and Rhodium Trust have invested Rs 2.33 crore (about $321,697), Rs 2.5 crore (about $345,169) and Rs 5 crore (about $690,341) respectively, while others, including a few individual backers, have committed the remaining amount. The infusion has given the startup a valuation of Rs 440 crore (about $60.7 million) on a post-money basis.

As per the report, Swiggy now holds a 25.03% stake in the company following the allotment. VCCircle has reached out to Maverix on the details of this fundraise and will update this report accordingly.

The development comes after Fingerlix in April 2020 raised nearly Rs 14 crore (about $1.85 million) as part of this Series C exercise. Participating investors included Accel, Zephyr Peacock, Swiggy and RB Investments. That infusion came after Swiggy led a Rs 31 crore (about $4.2 million) Series C round in the food startup.

Maverix Platforms was founded by Shrikrishna Bharambe, Shripad Nadkarni, Varun Khanna and Abhijit Berde in 2015. Apart from Fingerlix, other brands operated by the company include Canteen Central, Great Indian Khichdi, HomePlate, Meal Studio, Zippy Bowls and Happy Fix.

The startup had received angel money worth Rs 7.5 crore (about $1.03 million) in 2016, according to VCCEdge. In April 2017, it secured Rs 19.5 crore (about $2.47 million) from private equity firm Zephyr Peacock in a Series A round. Then, in October 2017, it raised Rs 45 crore (about $6.2 million) in a Series B round from Accel and Zephyr. In early 2018, it also secured money from venture debt firm Alteria Capital Advisors LLP.

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