Decoding Deepinder Goyal’s Temple funding, shareholding and ESOP pool

Temple, a new wearable technology startup, announced its maiden funding round of $54 million on Friday. The round was led by founder Deepinder Goyal, with participation from Steadview Capital, Peak XV Partners, Zerodha co-founder Nikhil Kamath, and around 90 other investors.

Notably, more than 30 employees of Temple also participated in the funding round in their personal capital. at the same valuation as external investors.

According to Temple’s filing with the Registrar of Companies (RoC), its board passed a resolution to approve the issue of 2,34,799 seed Series CCPS at an issue price of Rs 21,000 each to raise Rs 493 crore (around $54 million).

Founder Deepinder Goyal led the round with an investment of Rs 104 crore (approximately $11.5 million), followed by Steadview Capital, which will invest around Rs 90.5 crore. Dharana Capital and Peak XV Partners will invest Rs 49.77 crore and Rs 54.30 crore, respectively. Meanwhile, Nikhil Kamath, through NKSquared, and Info Edge will participate with investments of Rs 22.6 crore each.

Several prominent angel investors also participated in the round, including Kunal Shah through QED Innovation Labs, Vijay Shekhar Sharma, Varun Alagh, Abhiraj Singh Bahl, Podcaster Raj Shamani, along with over 80 other investors, including employees of Temple.

Temple shareholding

Temple will be valued at around Rs 1,715 crore (approximately $190 million) post-money. Following the share allotment, founder Deepinder Goyal will hold the largest stake at 28.59%, while Steadview Capital will own 5.28%. Akshant Goyal and Peak XV Partners will hold 3.9% and 3.17%, respectively, whereas Info Edge and Nikhil Kamath will each command a 1.32% stake. Other investors, including angel backers, will hold relatively compacter minority stakes in the company.

Notably, the company has also carved out an ESOP pool of 10%, valued at approximately Rs 171 crore (around $19 million) on a post-money basis.

Temple is developing a wearable, non-invasive monitoring device designed to be worn on the side of the forehead, where it measures blood flow in the brain.

Beyond Temple, Deepinder Goyal is also backing longevity research venture Continue with a $25 million investment from his personal capital. He has further co-founded aerospace startup LAT alongside former Zomato COO Surobhi Das, and the venture recently acquired Gurugram-based defence robotics startup Sharang Shakti.

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