New Delhi, Mar 14 (PTI) Palred Technologies, which runs mobile accessories etailing platform LatestOne.com, has raised Rs 22 crore through preferential allotment. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
“The board of the company approved an allotment of Rs 22 crores by way of preferential allotment at a price of Rs 145 per share. Florintree led and advised investors are the lead participants in this round of preferential allotment,” BSE- listed Palred said in a statement. Also Read - Worse Yet to Come? India Overtakes Spain, Becomes 5th Worst Coronavirus-hit Country in World
The investors include Mathew Cyriac (former Co-Head of Blackstone India Private Equity business), Chidambaram Palaniappan (Florintree founder), K Madhavan (Joint MD Star TV India) and Bharat Sheth (MD Great Eastern Shipping), it added. Also Read - COVID-19 Updates: BRICS, SCO Summits Postponed; New Dates to be Announced Depending on Situation
Ashish Dhawan, founder of Chryscapital and an existing investor is participating in this financing round apart from another existing investor, Passage to India Master Fund.
LatestOne.com has achieved quarterly net revenue of a Rs 12.5 crore (annual net revenue run-rate of Rs 50 crore) with an investment of under Rs 30 crore.
LatestOne.com is on track to become one of the few Indian e-tailers to declare a gross profit on a full year basis during FY 2017, it added.
“The company is pleased with the support of highly respected existing investors and marquee new investors for their faith in the growth story of LatestOne.com. This is particularly gratifying considering that funding for e-com companies is drying up,” Palred Technologies Chairman Palem Srikanth Reddy said.
The funding will be used for accelerating growth through investments in additional fulfilment centres, brand building, inventory, building business-to-business channels and developing the managed market place further, he added.
This is published unedited from the PTI feed.