Exclusive: Social Swag raises new round led by FirstPort Capital

Exclusive: Social Swag raises new round led by FirstPort Capital

New-age content startup Social Swag has raised Rs 9.56 crore worth fresh funds led by FirstPort Capital with a participation of Unicorn Ventures, IPV Advisors and several others. This is the second funding round for the Mumbai-based startup this year.

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The board at Social Swag has passed a special resolution to issue 17,060 Series Seed C compulsory convertible preference shares at an issue price of Rs 5,603 per share to raise Rs 9.56 crore ($1.17 million), regulatory filings with the registrar of companies show.

FirstPort Capital led the financing round with Rs 3.02 crore followed by Unicorn Ventures who invested Rs 1.72 crore. Feroza Jamshed Mody, Kate K Dinshaw and Shekama Family Trust put in Rs 1 crore each. Further, IPV Advisors also joined the round with Rs 19 lakh. The remaining sum came from 50 other investors.

Launched in 2020 by actors Akshay Kumar and Rana Daggubatti, Social Swag has multiple verticals of its offering like masterclasses, live learning and personal shout outs et al. The company competes with FrontRow, Unlu among others.

As per Fintrackr’s estimates, the company has been valued at Rs 90-100 crore or close to $12 million (post allotment). In January , the startup had raised $3.5 million in pre Series A from Unicorn Ventures, IMEF and other high net-worth individuals (HNIs).

After allotment of this round, Arias Consulting holds 18.07% stakes followed by Cape of Good Films and Unicorn Ventures owns 17.44% and 10.78% shares respectively.

Social Swag is yet to file its financial numbers for FY22, it remained a pre-revenue stage company for the fiscal year ending March 2021. As per its annual financial statement with RoC, the company booked Rs 42 lakh loss during FY21.

Source @Entrackr

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