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Former Swiggy CTO Dal Vaz Launches Aaritya Technologies: Unveiling the Seed Funding Details

  • 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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