Dal Vaz, former CTO of Swiggy, has launched a new startup named Aaritya Technologies, which secured seed funding from Accel Partners and Elevation Capital in September 2023.
The Bengaluru-based startup did not disclose the exact amount of seed funding it received, but data intelligence platform TheKredible analyzed regulatory filings to provide insights into the funding, post-money valuation, and shareholding pattern.
Aaritya Technologies issued two equity shares at an issue price of Rs 11,700 per share and 56,44,548 seed compulsory convertible preference shares (CCPS) with a conversion ratio of 117.
The total consideration for the issued shares amounted to Rs 56.45 crore or $6.8 million. Accel Partners and Elevation Capital each invested Rs 28.22 crore or $3.4 million in the seed round, acquiring a 13.82% stake each.
TheKredible estimates Aaritya's post-money valuation at around $25 million or Rs 204 crore.
Aaritya Technologies plans to utilize the funds for general operating expenses, working capital, capital expenditure, and business expansion, according to regulatory filings.
The startup also passed a special resolution to establish an Employee Stock Option Plan 2023, involving 26,316 equity shares totaling Rs 30.8 crore. Following the seed round, Accel Partners and Elevation Capital each hold a 13.82% stake, and the company has an ESOP Pool of over 15%.
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