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Knowlarity gets FIPB approval to up FDI stake from 56% to 81%

knowlarity

Cloud telephony company Knowlarity Communications Private Limited has received an approval of ~ Rs 35 crore to transfer equity shares from existing investors, fresh issue of equity shares and Compulsorily Convertible Preference Shares (CCPS) to existing and new investor leading to an increased FDI stake from 56.14% to 80.97%.

Earlier this year, Knowlarity’s proposal to transfer shares from existing investors and issue fresh equity shares and CCPS to existing and new investors which would lead to an increased FDI stake from 56.14% to 80.97% had been deferred.

In July 2014, Knowlarity raised $16 million in Series B funding from Sequoia Capital and Mayfield Advisors and said that the money would be invested in technology and international expansion. A part of the investment was also to be diverted towards acquiring competitors. This was part of Knowlarity’s efforts to expand its presence in emerging markets, targeting Rs.75 crore revenues by end of fiscal 2014.

In the same month, Knowlarity shifted its base to Singapore, and was reportedly looking to expand its presence in South-East Asia, West Asia and Latin America. Last year, it also acquired acquired Unicom Techlabs, a startup in the same sector, for an undisclosed amount. Unicom had more than 200 customers who would be handed over to Knowlarity along with all the intellectual property it developed.

In January 2012 the company had raised Rs.34 crore from Sequoia Capital. The Gurgaon-based company has also received funding from Emergic Venture Capital in the past.

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