Wondrlab Secures Rs 40.8 Crore in Funding for Expansion
Wondrlab, a prominent martech platform, is set to secure Rs 40.8 crore (approximately $4.6 million) in a new funding round. This funding is spearheaded by Wildflower Private Trust, with contributions from existing investors such as Pi Ventures and Tanas Capital. This marks the first funding for the marketing firm in four years, following its $7 million seed round in October 2021.
As per a recent regulatory filing with the Registrar of Companies (RoC), Wondrlab’s board has approved the issuance of 7,744 preference shares and 500 equity shares, priced at Rs 49,472 each, to raise the necessary funds. Wildflower Private Trust will lead this round with an investment of Rs 12.5 crore, while Pi Ventures and Tanas Capital will contribute Rs 9.85 crore and Rs 6.7 crore, respectively. Additional funding will come from a group of angel investors, including Nazara’s promoters, Nitish Mittersain and Vikash Mittersain. The company also plans to issue equity shares to the co-founders of its recently acquired company, BigStep Tech.
Wondrlab’s Valuation and Stake Distribution
According to estimates from Startup Superb, Wondrlab, based in Mumbai, is projected to have a post-money valuation of around Rs 796 crore or $90 million. Founded in 2020 by Saurabh Varma, Vandana Verma, and Rakesh Hinduja, Wondrlab has quickly established itself as a platform-first martech startup, focusing on technology, digital, and programmatic advertising.
Impact on Stakeholders
Following the current funding round, Pi Ventures will maintain an 11.5% stake in the company, while Tanas Capital will own 7.82%. New investor Wildflower Private Trust will control 1.5%, and the promoters will collectively retain a significant 60.53% stake.
Financial Performance of Wondrlab
For the fiscal year ending March 2024, Wondrlab’s operating revenue tripled to Rs 189 crore, up from Rs 63 crore in FY23. Additionally, profit saw a substantial increase, reaching Rs 11 crore. The company has yet to disclose its figures for FY25.