Dharana Capital, an India-focused funding agency, on Wednesday introduced the acquisition of shares value over ₹400 crore ($50 million) in UrbanClap Applied sciences Non-public Ltd. (City Firm ) via a ‘important’ secondary transaction.
“The shares have been acquired from workers and different shareholders, making this transaction the most important ESOP liquidity in City Firm’s historical past,” the corporate mentioned in a press release.
Vamsi Duvvuri, Founder and Managing Companion, Dharana Capital, will be a part of the board of City Firm as a Non-Government Director, it added.
Mr. Duvvuri in a press release mentioned “City Firm, with its full-stack method and give attention to companion enablement, has constructed a robust, capital environment friendly and sturdy enterprise in a difficult native providers market.”
“We stay deeply impressed with the main focus and execution of the corporate’s founders and staff. We sit up for persevering with to assist them of their endeavor to construct a long-lasting establishment,” he added.
Abhiraj Singh Bhal, CEO and Co-founder, City Firm, mentioned Mr Duvvuri had been a robust companion to City Firm for a very long time, and the corporate would sit up for working with him much more intently sooner or later.
