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General Catalyst, others to invest in Indiabulls cofounder-floated Dhani Services
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Mumbai-listed Dhani Services Ltd, floated last year by Indiabulls Group's cofounder Sameer Gehlaut, on Wednesday said that its board has approved equity fundraise of up to Rs 1,200 crore ($160 million) for a 9% stake through preferential issue of shares.

The funding will be led by US based technology focused investment firm General Catalysts that has invested in Indian startups such as pre-owned cars platform Spinny and e-commerce startup CityMall, said Dhani in a stock market disclosure. General Catalyst alone is putting in Rs 375 crore.

Others participating in the round are Ribbit Capital (Rs 150 crore), Think Investments (Rs 225 crore) and First Royalty Ventures (Rs 75 crore), it added.

Zelkova Builders Pvt Ltd, an entity owned by Dhani's promoter Gehlaut, will also invest Rs 375 crore.

The preferential issue is subject to approval from the shareholders of the company on November 17.

Dhani is a transactional finance and primary healthcare platform. Its flagship product OneFreedom Card provides customers with an instant credit limit along with various additional benefits such as access to doctors, discounted medicines, instant cashbacks, and free trading account, among others. The company claims that it has over 30 lakh paid monthly subscriptions and more than 90 lakh monthly active users.

Gehlaut, who founded Indiabulls Group with two others 20 years ago before splitting it in 2014, had stepped down as the executive chairman of Indiabulls Housing Finance Ltd last year in August.

After leaving Indiabulls, Gehlaut took over as the CEO of another group company, Indiabulls Ventures Ltd that is rebranded as Dhani Services.

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