Spring Marketing Capital and Stride Ventures led a seed fundraising round that brought in $6.3 million, for Pratech Brands, the parent company of HyugaLife and a digital-first store.

Among others, Peak XV Partners & Surge Ventures participated in the funding round. A special resolution to issue 21,77,817 Seed compulsory convertible preference shares (Seed CCPS) at an issue price of Rs. 168.15 per share for a consideration of $4.4 million, has been approved by the Pratech Brands board.

According to the business's regulatory filings with the Registrar of Companies, in a separate resolution, the company also issued 1,500 non-convertible debentures (NCDs) at Rs. 1,00,000 each and 29,735 partly paid CCPS at Rs. 168.15 per share to Stride Ventures in order to raise Rs. 15.5 crore.

Leading the Funding round with investments of Rs 15.5 crore and Rs 12.5 crore, respectively, Stride Venture and Spring Marketing Capital took part. Subsequently, Surge Ventures contributed an additional 10 crore.

The remaining amount was invested by Oorumane Mercantile, Patni Wealth Advisors, Eco Power Systems, AS Desaai Consultants, AMD Consultancy Services, and individuals Nihir Parikh, Dhaval Parikh, Sandhya Shah, Rohan Mehta, Suhagi Parikh, Nimish Shah, Prakash Shah, Nitesh Jha, Simraan Teckchandani, Priya Ujgaonkar, and Karan Jindal.

According to estimations from startup intelligence platform TheKredible, Pratech Brands is worth little more than $19 million, or about Rs. 160 crore. The total business has raised about $9.3 million so far.