Meragi Set to Raise Fresh Funds at Flat Valuation

Bengaluru-based wedding services startup Meragi is set to raise Rs 28.68 crore in a fresh funding round. Entrackr reports that the round appears to be a bridge round, as the company has not raised capital in the past two years.

According to Entrackr’s estimates, Meragi will be valued at around Rs 305 crore post-money, remaining flat compared with its previous funding round.

The round includes existing investors Accel India and Peak XV Partners, along with new investor DG Daiwa Ventures. Meragi’s board has passed a special resolution to issue 3,330 compulsorily convertible preference shares and 10 equity shares at Rs 85,880.21 per share.

Accel India will lead the round with Rs 14.34 crore, while DG Daiwa Ventures will invest Rs 9.56 crore and Peak XV Partners Rs 5.56 crore, according to the report.

Founded in 2021 by Mukund Mohan Raj, Abhinav Chandran, and Lakshminarayan B, Meragi provides wedding-related services across decoration, photography, videography, makeup, hairstyling, mehendi, catering, venues, entertainment, and invitations.

The company operates in a competitive wedding-services market alongside WedMeGood, ShaadiSaga, Weddingz.in, Shaadilogy, Wedding Cloud, Shaadi Baraati, and The Wedding Brigade.

Following the allotment, Accel India will hold a 22.14% stake in Meragi. Venture Highway and Surge Ventures will hold 15.92% and 15.85%, respectively.

Peak XV Partners and DG Daiwa Ventures will hold 7.80% and 3.17% stakes, respectively. For readers tracking startup financing, the key signal is continued investor support despite a flat valuation.