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Dhani services to raise ₹ 1,200cr from general catalysts

October 21, 2021

Dhani services to raise ₹ 1,200cr from general catalysts

The board of Dhani Services Ltd. has approved an equity fund raise of ₹1,200 crore comparable to 9% stake in the organization via preferential issue of shares to General Catalyst and others.

The Silicon Valley-based investor, which has supported organizations like Stripe Inc. what’s more, Livongo, will put ₹375 crore in the fintech enterprise of Indiabulls co-founder Sameer Gehlaut, who’ll contribute an equal amount. Ribbit Capital has additionally come on board, as have Think Investments and First Royalty Ventures.

The raising money is subject to the approval of the shareholders during a extraordinary general meeting to be held on November 17, according to by regulatory filing on Wednesday.

Dhani is a primary healthcare and transactional finance platform. Its flagship product, One Freedom Card, furnishes clients with instant credit along for additional benefits like access to doctors, discounted medicines, instant cashbacks and a free trading account. The organization claims that it has more than 30 lakh paid monthly subscriptions and in excess of 90 lakh month to month active clients.

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

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