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The board has cleared the allotment of up to 2.64 crore equity shares at Rs 314.11 per share to a group of non-promoter investors.
The board is scheduled to meet on September 17 to evaluate various fundraising options, including the issuance of equity shares, warrants, convertible securities, or other approved instruments.
The round values the digital banking startup at $450 million, marking a steep decline from the $1.5 billion it commanded in 2022.
Before joining Pluto, Abhishek Singh was associated with Upstox’s insurance business and spent more than a decade at OneInsure.
Its net operating revenue rose 14% year-on-year to Rs 904.9 crore.
The fund is anchored by HDFC AMC’s Select Fund of Funds I.
The app it said is designed around a goal-based investing approach, allowing users to invest in stocks, mutual funds, SIPs and IPOs.
Raise Financial plans to invest $15 million to build a direct consumer insurance distribution platform.
Stratzy will continue to function as an independent, wholly owned subsidiary under Raise.
The transaction is expected to be structured as a mix of cash and equity, placing Infinyte Club's valuation somewhere between $13 million and $15 million.
The funding round saw participation from Ikemori Ventures, Raise Financial Services, QED Innovation Labs, and existing investors Antler, IIMA Ventures, and Neon Fund.
The fund will follow a multi-stage approach from venture, to growth, to late-stage private equity and pre-IPO opportunities.
The appointment of Shah comes amid fresh fund raising activity at Dhan's parent company Raise Financial Services.
Prior to joining Raise, Gupta worked as Group CFO at Arka Fincap. Previously he worked at Indostar Capital Finance and ICICI Bank.
With Raise Financials, Filter Coffee will expand its content across short-form videos, and long-form storytelling, delivering fresh perspectives on India’s financial markets.
