Emerald Leasing Finance & Investment Company has raised ₹ 2.75 crore from Rainpay India and NAV Capital VCC – Emerging Star Fund through preferential allotment. In a regulatory filing, the company said its board has approved issuance and allotment by way of a preferential allotment on a private placement basis up to 11,00,000 equity shares of ₹ 10 each at a price of₹25 per share for cash consideration of up to₹2.75 crore. The preferential issuance of 11,00,000 equity shares is equivalent to 3.79% equity stake in Emerald, at₹25 per share to Rainpay and NAV Capital VCC.
Rainpay India is a subsidiary of American company Rainpay Technolgies, a leading player in the earned wage access segment. Rain is amongst India’s first earned wage access platform that allows employees to access their salary before the salary day.
NAV Capital VCC – Emerging Star Fund is a Singapore-based FII and one of the largest investors in the SME segment. Emerald Leasing director Sanjay Aggarwal said: “Our partnership with Rain is strategic in nature and goes beyond financial investment.Their investment in Emerald is an expression of their confidence in us to expand early wage access products (EWA) throughout the Indian ecosystem.” The company had a consolidated revenue of₹8.50 crore in FY22, which is an increase of 60% as compared to FY21.
