Meragi Launches New Funding Round to Secure Rs 28.68 Crore in Wedding Services

Bengaluru’s wedding services startup Meragi is preparing to secure Rs 28.68 crore in a new funding initiative from current investors Accel India, Peak XV Partners, and a new participant, DG Daiwa Ventures. This financing round appears to function as a bridge, given that the company has not acquired any capital in the last two years. In July 2024, Meragi successfully raised $9.1 million in a round led by Accel, in partnership with Peak XV Partners and Venture Highway.

The company’s board has approved a special resolution to issue 3,330 compulsorily convertible preference shares (CCPS) along with 10 equity shares, priced at Rs 85,880.21 each, to facilitate this new capital inflow. Accel India is set to lead the funding with an investment of Rs 14.34 crore. Meanwhile, DG Daiwa Ventures is contributing Rs 9.56 crore, and Peak XV Partners will invest Rs 5.56 crore.

According to estimates from Startup Superb, Meragi’s post-money valuation will be approximately Rs 305 crore, remaining constant compared to its earlier funding round. Established in 2021 by Mukund Mohan Raj, Abhinav Chandran, and Lakshminarayan B, Meragi offers a range of wedding-related services including decoration, photography, videography, makeup, hairstyling, mehendi, catering, venues, entertainment, and invitations.

Post-allotment, Accel India will own a 22.14% stake in Meragi, while Venture Highway and Surge Ventures will possess stakes of 15.92% and 15.85% respectively. Peak XV Partners and DG Daiwa Ventures will hold stakes of 7.80% and 3.17% correspondingly. The company navigates a competitive wedding services landscape alongside key players like WedMeGood, ShaadiSaga, Weddingz.in, Shaadilogy, Wedding Cloud, Shaadi Baraati, and The Wedding Brigade.