Neobanking startup Fi (earlier epiFi) has raised around $50 million in what appears to be a Series B round led by B Capital. This is the second fundraise for the Bengaluru-based startup in 2021. In June, it had raised a $12 million Series A round.

Fi has approved the allotment of 1 value and 3,90,531 Series B CCPS at a face value of Rs 10 and a premium of Rs 9,485.25 per share to raise Rs 370.81 crore or near $50 million, regulatory filings with RoC show.

B Capital has spearheaded the round with Rs 148.33 crore followed by the Las Vegas-based Ocean view Capital which has placed in Rs 111 crore. Alpha Wave and Qcm Holdings have invested Rs 74.16 crore and Rs 37.08 crore individually.

Fi was allegedly in talks to raise a new round at a valuation of $250 million.

According to Fintrackr’s estimates, the company has been valued at around $325 million. The company was valued at $160-165 million during its Series A round in June.

Established by previous Google Pay leaders Sujith Narayanan and Sumit Gwalani, the two-year-old startup gives millennial-centered digital banking arrangements including saving accounts and debit card facilities.

Following the allotment of new shares, the aggregate holding of Narayanan and Sumit Gwalani has been weakened to 40.66%. Lead investor B Capital has increased its holding to 6.40% in the company. Sequoia and Ribbit Capital remain the largest stakeholders among investors, controlling 13.18% stake each.

According to Fintrackr’s estimates, Fi has recorded zero operating income in FY21 and this isn’t surprising as the company is in a pre-income stage and chasing development [accounts] at all expenses. Indeed, even in FY20, it posted zero operational income.

On the lines of its opposition like NiYO, Juno and as of late launched Jupiter, the company appears to be not to have any immediate plans to adapt. Fi’s misfortunes had surpassed Rs 50 crore in FY21 and this burn is probably going to duplicate in FY22 as well.