Hyderabad-based NowFloats, which helps local businesses get online. It has raised Rs 25.39 crore debt round from existing investors Iron Pillar. On Mauritius (a subsidiary of Omidyar Network), IIFL (Seed Ventures Fund I & Cash Opportunities Fund) including a new investor Wenlyn Global Group.
The entire amount came in the form of Compulsory Convertible Debenture (CCD). It reveals RoC filings accessed by a report. It’s a kind of debenture in which the whole value of it must be converted into equity by a specified time. In 2019 alone, the company raised about Rs 14 crore worth CCD from Iron Pillar and ON Mauritius and WGG International.
Almost a year ago, the firm had raised Rs 14.36 crore in a bridge round from existing investors. At that time, it also secured a loan of Rs 5 crore from Blacksoil Capital.
For the uninitiated, NowFloats has three flagship products, Dictate, WildFire, and YourApp. This enables local businesses to get an online presence. By creating local content, managing and updating the online presence of its customers through a friendly interface.