Blitzscale Technology, the parent company of WMall and ShopDeck, has secured Rs 65.2 crore (around $7.85 million) in a new funding round after a five-year gap.
The company’s board approved a special resolution to issue 4,385 compulsorily convertible preference shares (CCPS) at Rs 1,48,672 each, raising the Rs 65.2 crore, according to regulatory filings from the Registrar of Companies (RoC).
Bessemer Venture led the round with an investment of Rs 35.24 crore, while Chiratae Ventures and Elevation Capital contributed Rs 9 crore and Rs 11 crore, respectively. VH Capital and Reed India together invested Rs 9.85 crore in this extended Series B (B1) round.
ShopDeck plans to use the funds for growth, expansion, marketing, and general corporate purposes, according to the filing.
ShopDeck provides sellers with tools to create e-commerce stores or websites, manage logistics, payments, and other essential business functions to facilitate online sales. It competes with platforms like Shopify, Magento, and WooCommerce in the e-commerce enablement space, while Shiprocket and Shipway are its competitors in the shipping and marketing segments.
Following the latest funding, Elevation Capital has become the largest external shareholder with a 19.3% stake, followed by Chiratae Ventures with 16.34%. Co-founders Harmin Shah and Rishabh Verma jointly hold 43% of the company.
According to TheKredible, a startup data intelligence platform, Blitzscale Technology is now valued at approximately Rs 426 crore or $50 million (post-allotment).
Previously, WMall operated as a social commerce platform with a focus on video or live commerce, raising $11 million. However, it pivoted to NuShop in mid-2022, which later rebranded as ShopDeck. Entrackr exclusively reported on this pivot in June 2022.
ShopDeck stands out as one of the few startups where existing investors have continued to invest even after a pivot, especially following a five-year hiatus.
Blitzscale Technology concluded FY23 with Rs 19.4 crore in revenue and a Rs 9 crore loss. Notably, shipping and marketing services accounted for over 93% of its total revenue during the fiscal year, with revenue from enabling e-commerce stores at Rs 1.31 crore, representing 6.7% of total operating income.