GREX raises Rs4 crore in first round of funding
Firm plans to use the money to strengthen technology and introduce new financial products and features
Mumbai: GREX, an upcoming online platform aimed to bring together unlisted companies and potential investors, on Monday said it has raised Rs.4 crore in its first round of funding. The platform is expected to go live next month.
The company said in a statement that over 200 start-ups and 150 investors have registered on its platform. It plans to use the money to strengthen technology and introduce new financial products and features.
Those who seek to raise funds through GREX must dematerialise their shares. The company said it has tied up with depository services and transfer agents to facilitate dematerialization transfer of shares to investors’ accounts. It has four sponsors who have started tying up with companies.
GREX chief executive officer Manish Kumar said the platform will help companies which help bring down the cost of capital for unlisted companies. “There is huge affluent class of private investors who simply do not have an access medium to these companies. We are simply integrating the mutual needs in a rule and process-based framework,” Kumar said.
Once a company is registered on the platform, investors can follow the company and decide to invest in the company’s offerings whenever it decides to raise capital. Companies can go in for multiple rounds of fundraising on GREX.
Editor's Picks »
- Wall Street opens lower as growth concerns linger, Fed in focus
- Lambretta to showcase e-scooter at next Delhi auto show
- India again defers retaliatory tariffs against 29 US products by 45 days
- Hours after taking charge as MP CM, Kamal Nath clears farm loan waiver
- Quikr acquires real-estate platform India Property
- Does Reliance Jio see need to deleverage?
- 4 years since Senvion sale, turnaround continues to elude Suzlon
- Falling fuel prices, new axle norms to help cement makers save freight cost
- Tailwinds of debt reduction and annuity sales drive DLF’s shares
- Expecting a quick recovery in rural consumption will be foolhardy