Dhani Services raises Rs 1,200cr

Mumbai: Dhani Services, an app-based transaction finance and digital healthcare platform promoted by the Indiabulls group founders, has raised Rs 1,200 crore by diluting 9% stake. Investors that took part in this funding round include General Catalyst, a US-based fund that specialises in fintech and healthcare investments, Ribbit Capital, an early investor in Robinhood, Coinbase and Revolut, and Sameer Gehlaut, a co-founder of Indiabulls group.General Catalyst, that invested Rs 375 crore in Dhani Services, had invested in companies like Stripe in the fintech space and Livongo in digital healthcare. The investment firm is focused on early-stage and growth investments in the technology sector, a release from the company said.Ribbit Capital invested Rs 150 crore while TIMF Holdings invested Rs 225 crore, First Royalty Ventures invested Rs 75 crore and Gehlaut put in Rs 375 crore.According to Dhani’s disclosure to the stock exchanges, the company is allocating about 6 crore shares at an issue price of Rs 196 per share, aggregating up to Rs 1,200 crore (about $160 million).