Punch Stock Broking Platform Secures Rs 26 Crore in Extended Seed Round
Punch, the innovative stock broking platform, is set to raise Rs 26 crore (around $3 million) in its extended seed financing round, attracting both new and existing investors. This funding comes shortly after a successful $7 million seed round just seven months ago.
The board of Punch has approved a special resolution to issue 1,27,650 pre-Series A4 CCPS at a price of Rs 2,036 each, aiming to secure a total of Rs 26 crore, as reported in their regulatory filing accessed from the Registrar of Companies (RoC).
Current investors, Stellaris Venture Partners and SIG Venture Partners, are each contributing Rs 8.66 crore. Additionally, new investor Four SB Ltd, based in Mauritius, will also join this round with an investment of Rs 8.66 crore.
The proceeds from this funding will be utilized for growth, expansion, and general corporate purposes, as indicated in the filings. Start-up analysis firm Superb estimates that Punch will reach a valuation of approximately Rs 157 crore or $18.5 million post-money.
Ownership Structure and Stake Distribution
As per data from various sources on the startup intelligence platform, current investors Stellaris Venture Partners and SIG Venture Partners will each maintain a 15.9% stake in Punch, while Four SB Ltd will hold a 5.5% stake after the allotment.
About Punch
Punch is a mobile-centric stock trading platform crafted to streamline options trading for both novices and experienced traders. The platform allows users to trade index options, stock options, and equities on the NSE and BSE exchanges.
To date, Punch has raised more than $13 million across several funding rounds, which includes the aforementioned $7 million seed round backed by Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. Its prominent angel investors consist of Kunal Shah (Cred), Vatsal Singhal (Ultrahuman), and Nitish Mittersain (Nazara).
Financial Performance
For the fiscal year ending March 2024, Punch has reported operating revenue of Rs 7.2 crore, an increase from Rs 6.96 crore in FY23. However, the company incurred a loss of Rs 1.68 crore during the previous fiscal year.