Exclusive: Rusk Media to raise $8.5 Mn in Series B

Rusk Media, a digital entertainment company is raising Rs 74 crore (approximately $8.5 million) in its Series B round from Woori Venture Partners, with the participation of New Emerging Technologies Fund, LC Nueva Investment Partners, and other investors.

The board at Rusk Media has passed a special resolution to issue 11,663 Series B compulsory convertible preference shares at an issue price of Rs 63,493 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows.

Woori Venture Partners is expected to invest around Rs 15 crore, while New Emerging Technologies Fund, LC Nueva Investment Partners, and Yashaa Global Capital will contribute Rs 16.5 crore, Rs 15 crore, and Rs 10 crore, respectively. The remaining amount will be collectively invested by Info Edge, LetsVenture, and Nodwin Gaming.

This is part of a larger round. As per filings, the funds would be utilized for growth and working capital needs in line with the company's business plan.

A separate filing reveals that Rusk Media's board has approved a resolution to expand its ESOP plan with 2,828 employee stock options worth Rs 18 crore and its MSOP plan with 5,656 management stock options valued at Rs 35.9 crore.

The company has raised around $ 20 million to date including its $9.5 million Series A  led by DAOL Investment and Audacity Ventures. According to Entrackr’s estimates, the company will be valued at around Rs 468 crore or $54 million post-allotment.