Blitzscale Technology raised $8 M funding after five years
Summary
In a fresh fundraising round, Blitzscale Technologythe company behind ShopDeck and WMallraised Rs 65.2 crore, or roughly $7.85 million. After a five-year break, the company received a new investment.According to Blitzscales regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board approved a special resolution to issue 4,385 CCPS (compulsorily convertible preference shares) at an issue price of Rs 1,48,672 apiece in order to raise Rs 65.2 crore.With a total investment of Rs 35.24 crore, Bessemer Venture is the round leader. Together, Reed India and VH Capital contributed Rs 9.85 crore to the extended Series B round (B1).According to the filing, ShopDeck will utilize this money for general business, marketing, growth, and expansion.ShopDeck assists merchants in setting up their online storefront or website, handling shipping and receiving payments, and other tasks related to online product sales. Together, co-founders Harmin Shah and Rishabh Verma own 43% of the business.The company is reportedly valued at approximately Rs 426 crore, or $50 million (post-allotment), according to the media.For context, WMall was formerly a social commerce platform that raised $11 million and featured video or live commerce flavors. But in the middle of 2022, it changed to NuShop, which is now known as ShopDeck.One of the rarest startups is ShopDeck, where previous investors continued to contribute funds even after the company underwent a five-year pause.At the end of FY23, Blitzscale Technology had losses of Rs 9 crore and revenues of Rs 19.4 crore.