Smartphone dialer and communication platform Quiph’s SuperShare has raised Rs 48.5 crore or $6.5 million in a Series A round from new and existing investors. This would be the second funding round for the company in the past two years. It had raised $1.6 million in March 2020 for its maiden product QTalk.
Quiph has allotted 3861 Series A preference shares at an issue price of Rs 125,548.12 per share to raise Rs, 48.5 crore. Lightspeed has led the round with Rs 32.3 crore whereas existing backer Accel has poured in Rs 11.2 crore.
Utsav Somani, Angelist, Capier, Reddy Holdings and Matilde Giglio have collectively poured in the rest Rs 5 crore. According to Fitrackr’s estimates, Quiph has been valued at Rs 273 crore or $36 million (post-money).
QTalk was Quiph’s first product which was a voice-first mobile communication platform and building an ecosystem of products and services to weed out issues with virtual and offline communications. However, the company appers to have abandoned it and launched a new app SuperShare (Android-only).
SuperShare rewards users for sharing links aka content. According to its website, its app has over 22,000 creators, 5000 communities with a reach of 70 million.
Following the investment round, co-founders Sagar Modi and Adhvaith Vishwanathan retain 33.7% and 14.43% holding in the company. Lightspeed has increased its stake to 20% whereas Accel now controls 17.3% stake in Quiph following this transaction. Refer to the pie chart for complete captable.
The firm has also passed a special resolution to increased the size of its ESOP pool from 1588 options to 2641 options. The stock options scheme takes up around a 12.7% stake on Quiphs’s captable with its value increasing to Rs 35 crore post this round.