Total amount raised
$9.1 Million
Latest funding date
7/1/2024
Location
Meragi has successfully raised funding through 2 rounds, with notable investors including Accel and Venture Highway. The platform specializes in discovering, designing, and purchasing products and services for lifestyle events, particularly weddings.
Keep reading to explore the intricacies of Meragi's fundraising journey and the investors backing this innovative platform.
What Is Meragi?
Meragi, based in Bengaluru, Karnataka, India, is a prominent player in the event management and wedding planning industry. The company specializes in offering a comprehensive range of services, including décor, photography, culinary flavors, venue consultation, and bespoke wedding planning.
Founded with the vision of making lifestyle events memorable and stress-free, Meragi has grown to employ between 101-250 people. The company has successfully planned over 2,500 weddings and operates offices in multiple cities across India, including Hyderabad, Goa, Delhi NCR, and Jaipur.
How Much Funding Has Meragi Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Surge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial growth and market penetration.
- Series A Round
- Amount Raised: USD 9,100,000
- Date: July 2024
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expand into more cities, launch partner venues and experience centers, and offer tech products to customers.
Total amount raised: USD 9,100,000. Current valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a leading global venture capital firm that invests in early-stage and growth-stage companies.
- Investment Focus Areas: Technology, Internet, Consumer, Enterprise Software, Fintech
- Notable Investments: Facebook, Slack, Dropbox
- Surge
- Details: Surge is a rapid scale-up program by Sequoia Capital for startups in India and Southeast Asia.
- Investment Focus Areas: Technology, Consumer, Healthcare, Fintech, Enterprise
- Notable Investments: Khatabook, Doubtnut, Bulbul
- Peak XV Partners
- Details: Formerly known as Sequoia Capital India & SEA, Peak XV Partners is a prominent venture capital firm in India and Southeast Asia.
- Investment Focus Areas: Technology, Consumer, Healthcare, Fintech, Enterprise
- Notable Investments: Not publicly disclosed
- Venture Highway
- Details: Venture Highway is a venture capital firm that invests in early-stage technology startups in India.
- Investment Focus Areas: Technology, Consumer, Fintech
- Notable Investments: Not publicly disclosed
- Anupam Mittal
- Details: Anupam Mittal is an angel investor known for his investments in various startups and his role as the founder of People Group.
- Investment Focus Areas: Technology, Consumer, Fintech
- Notable Investments: Not publicly disclosed
What's Next for Meragi?
Meragi is poised for significant growth, with plans to expand into new cities and launch partner venues and experience centers. The company aims to double its gross merchandise value to ₹100 crore, leveraging the rising demand for tech-enabled, comprehensive wedding services. This expansion presents a substantial opportunity in the Indian wedding industry, which contributes nearly 10% to the country's GDP.
Future fundraising appears promising, given the successful Series A round and the ambitious growth targets. However, Meragi will need to navigate challenges such as maintaining service quality, managing logistics, and facing competition from other providers. With the support of investors like Accel, the company is well-positioned to overcome these hurdles and continue its upward trajectory.
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