Affle's board approves investment up to Rs 133 crore in Bobble AI under new funding round
The company will fully subscribe to Series C Compulsorily Convertible Preference Shares (CCPS) and Equity Shares besides 50% of Series C1 CCPS
Adtech firm Affle will be infusing Rs 133 crore in Talent Unlimited Online Services (Bobble AI) for their next round of fundraise. The company will fully subscribe to Series C Compulsorily Convertible Preference Shares (CCPS) and Equity Shares besides 50% of Series C1 CCPS.
"The Board has decided to subscribe fully to the rights offer(s) for Series C CCPS and Equity Shares. Further, the Board has also decided to subscribe to the rights offer(s) for at least 50% of Series C1 CCPS. The aggregate investment for all the subscriptions of rights offer(s) will be to the maximum amount of Rs. 1,329.17 million (Rs 133 crore)," the company said in a filing to the stock exchange.
The company said that the Series C and C1 rights offer supersede the earlier offer for pre-emption offer of 1,207 Series D CCPS at Rs 323,188 per share. On 17th February, the company had intimated that it has received an offer for pre-emption from Bobble AI for their next round of fundraise.
The company had decided to unconditionally accept the pre-emption offer of 1,207 Series D CCPS @ INR 323,188 per share. It had 30 days to make the payment towards subscription amount.Further, the company had also received an additional pre-emption offer to acquire Series D CCPS worth USD 2.0 million and the Company also has a right to subscribe to unsubscribed pre-emption rights of other existing investors of Bobble AI.
On August 08, 2020, Affle had made a strategic, non-controlling investment and acquired 8% stake on a fully diluted basis in Bobble for a consideration of Rs 19.8 crore through CCPS. Additionally, the company had also entered into an exclusive global monetisation agreement for Bobble’s intellectual property.
The agreement also provides rights to the company to acquire an additional stake up to 10.74% of Bobble, through subscription/purchase of CCPS and Equity Shares at a pre-agreed consideration, upon meeting of milestones as defined in the global monetisation agreement.
