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Exclusive: Accel to lead $8 Mn round in wedding service marketplace Meragi

EntrackrEntrackr · 1y ago
Exclusive: Accel to lead $8 Mn round in wedding service marketplace Meragi
Medial

Meragi, an online platform to discover, design and purchase all wedding related services and products, is all set to raise $8 million in a new round, according to two people aware of the development. “Accel will lead the round while existing backers Surge and Venture Highway may also participate. The deal is in the final stage as all paperwork has been completed,” said a source requesting anonymity. Meragi was part of the eighth cohort of Peak XV’s accelerator program Surge which also featured Arintra, AltWorld, Bifrost, Calyx Global, Diri Care, Masterchow, Metastable Materials, RedBrick AI, Requestly, Tentang Anak, and Vaaree. Launched in 2021, Meragi provides modern wedding-related services such as decoration, photography, videography, makeup, hairstyling, mehendi, catering, venue, entertainment, and invitations. The platform allows users to discover, design, and purchase these products and services for various lifestyle events. It also offers destination wedding packages in Goa, Coorg, Chikkamagaluru, Mysuru, and Bengaluru. Accel declined to comment on the story while queries sent to Meragi’s co-founders did not elicit any response until publication of the story. As per data sourced from the company’s regulatory filings, Meragi has raised around Rs 40 crore ($4.5 million) to date from Surge, Venture Highway and angels including Livspace’s co-founder Ramakant Sharma. Currently, Surge is the largest external stakeholder in Meragi with 25% stake, according to startup data intelligence platform TheKredible. Venture Highway controls 20% stake while three co-founders Mukund Mohan Raj, Lakshminarayan Balasubramaniam, and Abhinav Vinay Chandran hold 14.25% stake each in the company. Notably, all three co-founders were part of Livspace for around five years. ShaadiSaga, Wedmegood, Wedding Brigade, and Shaadilogy, among others also compete in the space.

Exclusive: Trading app Investmint halts services; explores M&A deal

EntrackrEntrackr · 1y ago
Exclusive: Trading app Investmint halts services; explores M&A deal
Medial

Signal-based trading app Investmint has halted its services as the company found it difficult to figure out a reliable business model, sources aware of the development told Entrackr. In October 2022, Investmint raised $2 million in Seed round led by Nexus Venture Partners, with participation from other angel investors. As per sources, the firm had decent traction with substantial money left from the last fundraise but the team couldn’t translate them into monetization. “Investmint has been exploring acquisition opportunities with well capitalized wealth management companies,” said one of the sources requesting anonymity. Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed signals. “If the acquisitions talks won’t materialize, the company may return remaining capital to its backers,” said another source who also requested anonymity. The company’s spokesperson confirmed that the team has discontinued Investmint as a product and is re-evaluating its offerings. “We’re in late-stage talks with a few big players for M&A,” the spokesperson said. A clutch of startups have returned or are in the process of returning investors’ money after their startup failed to find a product market fit (PMF) or sustainable business model. Earlier this year, Nintee, a digital health startup launched by Wingify founder Paras Chopra, announced shutting down its operations. The firm also announced that it will return the majority of funding it raised from the investors. As per an ET report, fashion startups Virgio and Fashinz are planning to return most of the capital they raised from the investors after a failed pivot. Virgio has raised nearly $40 million while Fashinza has scooped up over $150 million in funding to date. While the majority of investors don’t like to exit out from a portfolio company with a slice of their original investment, the trend of returning capital by founders seems to be a progressive one. After all, there is no point in being stuck when things aren’t working out for long.

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