Exclusive: Fingerlix valuation touches Rs 337 Cr in fresh round

Mumbai-based ready to cook food brand Fingerlix has raised about Rs 14 crore in a round led by existing investors Accel Partners, Zephyr PeaCock, Swiggy and RB Investments. The fresh investment round has come after a year when Swiggy led Rs 31 crore Series C round in the company.

Importantly, the company also moved Sriharsha Majety from director to nominee director. Majety is one of the co-founders and CEO of food delivery major Swiggy.

According to regulatory filings, Fingerlix allotted 2,85,362 series C2 and C3 compulsorily convertible preference shares (CCPS) at Rs 501.08 per share to raise Rs 14.3 crore in this round from the aforementioned backers. Notably price per share has increased by around 232% as compared to the last round of funding.

While Accel India and Zephyr PeaCock have infused Rs 4.5 crore each , both picking up  89,807 series C2 shares, Swiggy’s parent Bundl Technologies has invested Rs 3.5 crore for 69,850 C3 shares . Singapore-based RB Investments joined the round with an investment of  Rs 1.8 crore for 35,898 C3 shares.

Launched in 2016 by Shripad Nadkarni, Shrikrishna Bharambe, Varun Khanna, and Abhijit Berde, Fingerlix serves a wide range of products like batters, mixes, curries, dals, parathas and ‘fully-ready’ accompaniments to go with them.

Following this round, Accel will holds about 23.62% stake in Fingerlix and Zephyr PeaCock commands 18.53% ownership. Swiggy and RB Investments have 10.3% and 6.35% stakes respectively. According to Entrackr’s back of the envelope calculation, Fingerlix has been valued Rs 337 crore estimated post this round.

As of now, the company has raised over Rs 110 crore across four institutional rounds. Two years ago, the RTC food brand also raked in Rs 8.5 crore debt from Alteria Capital. 

Fingerlix brings comlimentary values for Swiggy on the table. It could be leveraged by the Naspers-backed firm for its grocery and micro-delivery verticals: Swiggy Stores and SuprDaily. Swiggy acquired SuprDaily in a cash and stock deal in June 2018.