Manastu Space raises ₹22 crore in Series A extension
India's Manastu Space raised ₹22 crore, about $2.3 million, from Gandhi Securities and the Thacker Trusts plus angel investors in a Series A extension.
India's Manastu Space raised ₹22 crore, equivalent to about $2.3 million, in an extension of a Series A funding round, according to a report published by Product Growth.
The funding came from Gandhi Securities and Investments and the Thacker Legacy Trusts alongside angel investors, according to the report.
It was reported that a further ₹9.2 crore would be raised from Capital A, but the information has not yet been confirmed, and if correct it would raise the round's value to ₹31.2 crore.
In the same context, there is a commitment of ₹116 crore from the Technology Development Board through optionally convertible debentures.
What do these terms mean?
Crore: An Indian counting unit equal to 10 million, used by Indians to express large rupee amounts.
Optionally convertible debentures: Debt instruments that can be converted into company shares if the holder chooses.
Technology Development Board: An Indian government body that supports the development of domestic technologies by financing projects and companies.
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