In the upcoming months, Mayank Bidawatka, one of the co-founders of the popular microblogging site Koo, will introduce Billion Hearts Software Technologies.
The business recently completed a ~$250K angel round led by the founders of Myntra, Ola, InMobi, and redBus, among others.
Mayank Bidawatka intends to raise close to $500k in order to launch the business. According to Billion Hearts’ regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board has decided to raise Rs 4.13 crore.
In order to raise Rs 1.94 crore, or $250k, in funding, the company has already issued 39 pre-seed compulsory convertible preference shares (CCPS).
If the round is successful, the company’s estimated valuation in the media is Rs 70.5 crore, or $8.5 million. The Bengaluru-based company also revealed that it is spending Rs 16.5 crore on 333 equity shares as part of an employee stock option plan (ESOP Plan).
Billion Hearts will produce digital consumer goods for a worldwide market, according to the company. By year’s end, the company plans to release its first product, which will be made available to those who register on its website as a beta.
In July of this year, the vernacular microblogging platform Koo closed due to lack of interest and subsequent funding. Though it was unable to find a buyer, the company was also searching for a merger and acquisition deal.
