Exclusive: Wondrlab to raise fresh funds at $90 Mn valuation

Martech platform Wondrlab is set to raise Rs 40.8 crore (around $4.6 million) in a fresh funding round led by Wildflower Private Trust with the participation of existing investors Pi Ventures, Tanas Capital and others.

This is the first funding in four years for the marketing firm since it raised $7 million in its seed round in October 2021.

The Wondrlab’s board passed a resolution to approve the issue of 7,744 preference shares and 500 equity shares at an issue price of Rs 49,472 each to raise the above mentioned sum, according to its regulatory filing from Registrar of Companies (RoC).

Wildflower Private Trust will be leading the round with Rs 12.5 crore investment while existing investors Pi Ventures and Tanas Capital will be infusing Rs 9.85 crore and Rs 6.7 crore respectively. Rest of the amount will be contributed by a group of angel investors including Nazara’s promoters Nitish Mittersain and Vikash Mittersain. 

The company will also allot equity shares to the co-founders of its recently acquired firm, BigStep Tech.

According to Entrackr’s estimates, the Mumbai-based company will be valued at around Rs 796 crore or $90 million post-money.

Founded in 2020 by Saurabh Varma, Vandana Verma, and Rakesh Hinduja, Wondrlab is a platform-first martech startup specializing in technology, digital, and programmatic advertising. 

Following the latest allotment, Pi Ventures will hold an 11.5% stake, while Tanas Capital will own 7.82%. New investor Wildflower Private Trust will acquire 1.5%, and the promoters will collectively retain a 60.53% stake.

For the fiscal year ended March 2024, Wondrlab’s operating revenue tripled to Rs 189 crore from Rs 63 crore in FY23, while profit surged to Rs 11 crore. It has yet to file its FY25 numbers.