Punch, a stock broking platform, is raising Rs 26 crore (approximately $3 million) from new and existing investors through an extended seed round. This comes just 7 months after the $7 million seed round.
The board of Punch has passed a special resolution to issue 1,27,650 pre-Series A4 CCPS at an issue price of Rs 2,036 each, raising Rs 26 crore, according to a regulatory filing obtained from the Registrar of Companies (RoC).
The round will see contributions of Rs 8.66 crore from new investor Four SB Ltd (Mauritius) and Rs 8.66 crore from current investors Stellaris Venture Partners and SIG Venture Partners.
According to filings, the company intends to use the proceeds for growth, expansion, and general corporate purposes. Punch is expected to be valued around Rs 157 crore, or $18.5 million (post-money).
According to startup data intelligence platform TheKredible, existing investors Stellaris Venture Partners and SIG Venture Partners will each own 15.9% of the company, with Four SB owning 5.5% (post-allotment).
Both novice and seasoned traders can easily trade options with Punch, a mobile-first stock trading platform. On the NSE and BSE markets, it enables users to trade stocks, index options, and equities.
Punch has raised more than $13 million in funding rounds, including a $7 million seed round from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. Its prominent angel investors include Kunal Shah (Cred), Vatsal Singhal (Ultrahuman), and Nitish Mittersain (Nazara).
Although Punch experienced a loss of Rs 1.68 crore in the previous fiscal year, it reported operating revenue of Rs 7.2 crore for the fiscal year ending March 2024, up from Rs 6.96 crore in FY23
