Data automation platform Immensitas has raised Rs 23.55 crore or $2.9 million in the extension of its pre-series A round. This is the first round of investments for the Bengaluru-headquartered company this year.
The board at Immensitas has passed a special resolution to issue 402 pre-Series A2 CCPS at an issue price of Rs 5,85,901 each to raise Rs 23.55 crore or $2.9 million, according to its regulatory filing with the RoC.
Bharti Airtel led the round with Rs 15.7 crore while existing investors GrowX Ventures and Artha Venture pumped in Rs 3.92 crore each.
Following the investment, Bharti Airtel holds 8.01% stake in the company while Artha and GrowX command 17.60% and 8.04% respectively. As per Marketmoney estimates, the company has been valued at around Rs 198 crore or $24.1 million (post allotment).
Immensitas core product Lemnisk is a real-time marketing automation platform that increases conversion, retention and growth for enterprises. It caters to financial services, retail, telecomand hospitality.
While most companies of its age are in pre-revenue stage, the two-year-old startup managed to get a revenue of Rs 10 crore in FY22 from Rs 2.91 lakhs during the previous fiscal year (FY21). The company’s losses stood at Rs 11.71 crore during the last fiscal year.