Total amount raised
$9.1 Millions
Latest funding date
7/1/2024
Location
Meragi has successfully raised $9.1 million in a Series A funding round, attracting the attention of notable investors such as Accel and Venture Highway. The platform offers a comprehensive solution for discovering, designing, and purchasing products and services for lifestyle events.
Keep reading to explore the intricacies of Meragi's fundraising journey and the investors backing this innovative platform.
What Is Meragi?
Founded in 2021, Meragi is based in Bengaluru, Karnataka, India. The company specializes in providing a comprehensive platform for discovering, designing, and purchasing products and services for lifestyle events.
Meragi was founded by Abhinav Chandran, Lakshminarayan Balasubramaniam, and Mukund Mohan Raj. The platform offers services such as wedding decor, photography, venue consultation, and exclusive luxury wedding packages.
With a team of 101-250 employees, Meragi aims to make event planning seamless and stress-free. The company leverages technology to digitize and streamline the entire event planning process.
How Much Funding Has Meragi Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Surge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and operations.
- Series A
- Amount Raised: $9.1 million
- Date: July 30, 2024
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into more cities, launch partner venues and experience centers, and offer tech products to customers.
Total amount raised: $9.1 million. Current valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that invests in early-stage and growth-stage companies. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, internet, software sectors.
- Notable Investments: Facebook, Dropbox, Slack, Flipkart.
- Peak XV Partners (formerly Sequoia Capital India & SEA)
- Details: Peak XV Partners is a venture capital firm focusing on investments in India and Southeast Asia. They are known for their strategic support and extensive network.
- Investment Focus Areas: Technology, consumer, healthcare sectors.
- Notable Investments: Byju's, Zomato, OYO Rooms.
- Venture Highway
- Details: Venture Highway is an early-stage venture capital firm that partners with entrepreneurs to build disruptive technology companies. They provide both capital and mentorship.
- Investment Focus Areas: Technology, internet sectors.
- Notable Investments: Meesho, Moglix, ShareChat.
- Surge
- Details: Surge is a rapid scale-up program by Sequoia Capital India for early-stage startups in India and Southeast Asia. They focus on accelerating growth and providing strategic guidance.
- Investment Focus Areas: Early-stage startups in technology, consumer sectors.
- Notable Investments: Khatabook, Classplus, Doubtnut.
- Anupam Mittal
- Details: Anupam Mittal is an angel investor and the founder of People Group, which includes businesses like Shaadi.com. He is also known for his role as a shark on Shark Tank India.
- Investment Focus Areas: Technology, consumer internet, media sectors.
- Notable Investments: Ola, Druva, Interactive Avenues.
What's Next for Meragi?
Meragi's future looks promising as it plans to expand into more cities and launch partner venues and experience centers. The company aims to double its gross merchandise value to ₹100 crore this financial year, capitalizing on the growing demand for tech-enabled, full-stack wedding services.
With the backing of investors like Accel, Meragi is well-positioned for future fundraising opportunities to support its ambitious growth plans. However, challenges such as managing rapid expansion, maintaining service quality, and adapting to regional preferences could pose hurdles along the way.
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