Copyright indiatimes
Social media platform Grapevine is in talks to raise Rs 33.86 crore (nearly $3.8 million) in its Series A round, led by Kae Capital, per a report by Entrakr on Saturday.Venture capital (VC) firms Peak XV Partners and Unilazer Ventures will also participate in the round, valuing the company at around Rs 150 crore ($17 million), the report added.Citing the company’s latest regulatory filing with the Registrar of Companies (RoC), the report confirmed that the board approved a special resolution to issue 44,325 Series A preference shares at Rs 7,599.5 per share to raise the stated amount.Founded in 2023, Grapevine is a platform that facilitates open and anonymous discussions on topics including career, finance, professional experiences, and personal matters. It competes with the likes of Reddit, Threads by Meta, US-based Blind, Fishbowl, and Hush, among others.Grapevine’s cofounders, Jainam Dinesh Talsania, Shreeyash Nitin Dharmadhikari, and Saumil Sanjai Tripathi, will collectively retain a 48.78% ownership stake in the company. The filing indicated that Kae Capital will invest Rs 18 crore, while Peak XV Partners and Unilazer Ventures will contribute Rs 7 crore and Rs 8.6 crore, respectively. The company plans to utilise the funds for expansion initiatives and overall business growth, the report noted.Following the transaction, Peak XV Partners will hold a 20.77% stake, while Kae Capital and Unilazer Ventures will own 11.97% and 5.69%, respectively.
