In a Series C round led by Dharana Capital, Petpooja, a provider of restaurant point of sale (POS) and management software, raised Rs 83 crore, or roughly $9.5 million. The Ahmedabad-based company has been waiting four years for the new funding.
Key Highlights
- Petpooja has secured $9.5 million in Series C funding after a four-year hiatus.
- The investment aims to enhance Petpooja's restaurant management platform and expand its market presence.
The board authorized a special resolution to distribute 8,150 Series C preference shares at an issue price of Rs 1,01,902 each in order to increase the total proceeds, as per the company's regulatory filings with the Registrar of Companies (RoC).
Ashish Gupta contributed Rs 1 crore, while Dharana Capital led the round with Rs 82 crore. The company intends to use the money for working capital, business expansion, and general corporate purposes, according to the filing.
According to estimates, Petpooja's new funding round is worth approximately Rs 856 crore ($97 million), which is 3.3 times more than its previous round.
Established in 2011 as a business-to-business food delivery service, Petpooja changed its focus to become a software as a service (SaaS) platform that provides cloud-based management and billing tools for small and medium-sized food service enterprises. Petpooja claims that the business provides services to more than one million customers in South Africa, the United Arab Emirates, and India. According to its claims, it processes about 25% of Zomato and Swiggy's online order volumes.
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The business has raised roughly Rs 130 crore so far through various rounds, including a $4.5 million Series B in 2021 led by Aroa Ventures. After this round, Dharana Capital will own a fully diluted 18.62% stake in the business.
Although Petpooja has not yet submitted its FY25 financials, the company's revenue increased 43% to Rs 76 crore in FY24. Its losses also decreased to Rs 13.4 crore in the same fiscal year.
