Fi is in discussions to raise a Series C round of funding led by Multiples
- ByStartupStory | May 14, 2022
Fi (formerly epiFi) is a Bengaluru-based neo banking firm that is in talks to raise a new Series C round of funding at a valuation of about $600 million. The funding round is anticipated to be led by Multiples which is a private equity fund to offset $60-70 million worth of Series C round to Fi. Multiples is also set to give a term sheet to Fi that will value Fi in the range of $570-600 million.
Fi will then be at a 2X boost in its valuation from its Series B round. As per the reports of Fintrackr, the company was valued at $325 million after it raised $50 million led by B Capital. The deal between Multiples and Fi is likely to be finalised in a few weeks. The company was hoping to raise over $100 million at a valuation of more than $800 million but its revised fundraising plans are in the wake of tough funding solutions.
Along with Multiples, Fi is also said to be in talks with Alpha waves and Temasek for the Series C round. But the sources show that the deal did not proceed. However, Fi has declined any such happening. Fi had reported zero operating revenue in Financial year 21 while its losses increased by 5.7X to Rs 50 crore in the same interval.
Fi was founded by Sujith Narayanan and Sumit Gwalani, the former executives of Google Pay. It is a two and a half-year-old startup which offers millennial-focused digital banking solutions with savings accounts. Neo banking startups are yet to touch the critical mass and this is visible from the collection of FI, Jupiter and Niyo, the remaining pre-revenue entities in FY21 ending in march.
Follow Startup Story
Related Posts
