Trifecta Ventures and Hindustan Media Ventures contributed Rs 205 crore to a debt round that the social investment platform StockGro raised in two separate tranches. Hindustan Media invested Rs 85 crore in the form of optional convertible debentures (OCDs), whereas Trifecta provided debt funding through non-convertible debentures (NCDs).
According to its separate regulatory filings from the RoC show, the company issued 1,200 NCDs to Trifecta Ventures to raise debt of Rs 120 crore, while it issued 8,708 OCDs to Hindustan Venture to raise Rs 85 crore.
According to filings, Stockgro will use these funds for the growth and expansion of the company as well as to satisfy any additional capital or financing needs.
Ajay Lakhotia, a former venture capitalist, founded the fintech startup in 2020. It is a social investment platform that allows users to learn about and participate in stock markets through an interactive virtual interface.
Up until now, the company has raised about $40 million in equity funding, including $32 million in its Series A round led by Bitkraft Ventures, General Catalyst, and Itai Tsiddon, which valued the business at about $140 million.
Bitkraft STG Limited is the largest external shareholder with 11.08%, followed by Qlt Technology and Roots Ventures, according to the startup data intelligence platform TheKredible. Ajay Lakhotia, the company’s founder and CEO, holds a sizable 27.18% stake.
The company reported income of Rs 3.97 crore and loss of Rs 2 crore in FY21; however, its financial statements for FY22 and FY23 have not yet been filed.
Hindustan Media Ventures has previously made investments in MobiKwik, EazyDiner, Zappfresh, Zvesta, Oyo, and other companies.
