Seshaasai Technologies Secures Rs 120 Crore In Pre-IPO Funding Round

Payments solutions provider Seshaasai Technologies Ltd has successfully secured Rs 120 crore in pre-IPO funding. This significant financial backing comes from key investors such as Tata AIG General Insurance Company, which invested Rs 60 crore, while both VQ FasterCap Fund II and Valuequest India G.I.F.T Fund contributed the remaining amount.

Announced on Wednesday, the company executed a private placement, offering 28.4 lakh equity shares at Rs 423 each. The allocation was strategic, with Tata AIG receiving 14.18 lakh shares, and the other funds obtaining 7.09 lakh shares each. This capital injection will facilitate Seshaasai's future growth plans.

Seshaasai Technologies, a technology-driven solutions provider, specializes in crafting payment and communication instruments such as debit and credit cards. Having received regulatory approval for its IPO, the company aims to utilize fresh proceeds to expand its manufacturing, reduce debt, and cover general corporate expenses.

(With inputs from agencies.)