YourNest, via YourNest Angel Fund-Scheme I, is to invest up to INR 2 crore for a 20 % stake in Delhi-based GolfLAN Technology Solutions Pvt Ltd which runs golflan.com, an online community for golfers. The fund will subscribe to 92,212 Series A Compulsorily Convertible Preference Shares and 100 Equity shares at INR 217 each aggregating to INR 2 Cr, regulatory filings reveal. The target company has created an ESOP Pool which would constitute 15% of the share capital of the company on a fully diluted basis. Sunil Goyal of YourNest joined the board of the target in February 2015.
GolfLAN offers subscription based membership to golfers which allows them to play golf in various countries as well as e-tails golfing equipment. It clocked revenues of INR 1.43-Cr in FY14 compared to INR 60 Lakhs in FY13.
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