Peak XV Partners has taken a substantial leap into unrestricted conversation with its recent investment in Grapevine, underscoring the growing importance of anonymous social media platforms. The Bengaluru-based startup has successfully raised its first seed round, with Peak XV Partners leading. In a strategic move, the company’s board passed a special resolution to issue 33,333 series seed CCPS at an issue price of Rs 6408.46 each, securing a substantial Rs 21.36 crore or $2.6 million. Riverwalk Holdings, anchored by the Thakral Group and specializing in SaaS, fintech, and consumer sectors, also played a pivotal role in this funding round, contributing Rs 82.15 lakh.
What Makes Grapevine Shine
Grapevine, founded in early 2023, has set itself apart as an anonymous social media platform that fosters unfiltered conversations about various topics, from career and finance to professional and personal lives. Attesting to its relevance and impact, Grapevine boasts more than 30,000 members from tech companies and startups who utilize the platform to engage in candid discussions. This distinct quality of anonymity has drawn the attention and investment of Peak XV and other players in the industry.
Grapevine’s Unique Value Proposition
Grapevine provides a platform for individuals to discuss topics they might be hesitant to share on conventional social media platforms, where their identities are more exposed. Whether seeking advice on career moves, discussing financial concerns, or sharing personal experiences, Grapevine offers a safe and secure space to exchange ideas, gain insights, and connect with like-minded individuals. This appeal to the need for genuine, anonymous communication has catapulted Grapevine into the spotlight.
Competing in a Crowded Arena
Although Grapevine is relatively new to the scene, it faces competition from several established players in the anonymous social media domain. Notable rivals include Hood (formerly Zorro) and, to some extent, FishBowl, Blind, and Reddit. Each platform offers a unique take on fostering anonymity and open dialogue.
Grapevine’s Growth Trajectory
With this recent seed round led by Peak XV Partners, Grapevine’s value, according to startup data intelligence platform TheKredible, has surged to around Rs 95.3 crore or $11.62 million post-allotment. This significant increase in valuation reflects the growing enthusiasm for Grapevine’s mission and potential in an era where privacy and authenticity are paramount.
A Glimpse into the Investors
Peak XV Partners, formerly Sequoia India, has taken the lead in this investment, acquiring a substantial 21.55% stake in Grapevine. In contrast, Grapevine’s co-founders, Saumil Tripathi, Jainam Talsania, and Shreeyash Dharmadhikari, collectively maintain a 65.17% stake, which includes the allocation of ESOPs. This alignment of interests between the founders and the investors emphasizes the shared vision of Grapevine’s future.
The Competitive Landscape
Grapevine’s emergence also comes in the wake of other significant players in the anonymous social media space. Hood, previously known as Zorro, successfully raised $3.2 million in a seed round in 2021. This company garnered support from more than 15 unicorn founders, further demonstrating the industry’s potential. Recently, Virender Singh Kainth, a former executive at Khatabook, introduced a similar platform called “Together,” indicating the continued growth of this sector.
The Future of Grapevine
With Peak XV Partners as a guiding force, Grapevine plans to significantly impact how individuals connect, share, and converse while preserving their anonymity. This investment showcases the potential of anonymous social media platforms and the value they can bring to a world that increasingly values privacy and unfiltered communication.
