PC: afaqs
The latest initiative by the co-founder of vernacular microblogging platform Koo, Mayank Bidawatka is Billion Hearts Software Technologies. The startup just closed off a successful angel round with about $250K in funding from a spate of founders of redBus, Ola, InMobi, and Myntra, among others.
Having ambitious plans lined up ahead, Mayank Bidawatka looks to mop up another $500,000 in fundraising towards establishing and scaling up Billion Hearts Software Technologies. The board has already passed a resolution to raise Rs 4.13 crore, according to regulatory filings sourced from the Registrar of Companies (RoC).
Billion Hearts Software Technologies has finally gone for fundraising as it issued 39 pre-seed Compulsory Convertible Preference Shares or CCPS without an auction. It could mop up Rs 1.94 crore or $250K in the initial fund raising. As reported by TheKredible, after this round, the valuation of the firm will seem crossing at an astonishing Rs 70.5 crore or $8.5 million, a clear testimony that the investors believe in the potential and market positioning of this startup.
Inspired by the best talent, Billion Hearts Software Technologies has framed a detailed employee stock option plan covering 333 equity shares worth Rs 16.5 crore as a token of their commitment towards the development of an ownership culture as well as long-term growth in the company.
Bengaluru-based Billion Hearts Software Technologies is developing leading-edge digital consumer products that are going to be finely tailored for global markets. By the end of the year, the company plans to launch its very first product: Billion Hearts Software will send a beta version to early adopters who would sign up for the new product through the company website. That’s a preview of what’s in store in regards to innovatively designed solutions.
This announcement comes in the background of Koo, a vernacular microblogging platform that had closed its operations earlier this year due to a lack of follow-through investment traction. Exploring all potential merger and acquisition opportunities, Koo could not rope in a buyer to carry out its operations and eventually ceased all its activities on June 6. While with Billion Hearts Software Technologies, this is the first step by Mayank Bidawatka, promising to bring innovation and disruption in the digital consumer products space.
And as Mayank Bidawatka embarks on this new journey, the industry waits with bated breath for Billion Hearts Software Technologies to announce its first set of products, what they are going to do, and how things are going to change in the global market spectrum. It is going to be an interesting story about innovation, growth, and success unfolding in the startup ecosystem.
