IDG Ventures India and Inventus Capital Partners have invested $2 million (about Rs 12 crore) in Mumbai-based SaaS and big data analytics venture Peel-Works, as risk capital continued to repose its faith in India’s early-stage tech-focused ventures.
Proceeds from the Series A round of funding will be used by the company, which is also backed by the Indian Angel Network, to further build its product and analytics platform, strengthen its management team and enter international markets.
“The two new key markets are the United States and south-east Asia, and we expect to have a present in these geographies in the next six to 12 months,” said Sachin Chhabra, founder and chief executive, Peel-Works.
The deal is the latest in a series of early-stage venture capital investments made in the country’s technology-focused startups over the past six months. The period between January and June 2014 has seen 61 transactions totalling $194 million (Rs 1,166 crore), outstripping the investment activity that took place in the corresponding period last year, and which saw 81 deals worth $180 million (Rs 1,082 crore).
“We’re seeing the emergence of companies that have identified the gaps not filled by larger multi-national corporations, and entrepreneurs are now building their companies to meet these needs,” said Padmaja Ruparel, president, Indian Angel Network.
Founded in 2010 by Chhabra, who was earlier with fast moving consumer goods giant Hindustan Unilever, Peel-Works counts companies such as Tata Sky among its clientele. It had earlier raised about $1 million from IAN in 2011.
The company has built a SaaS based salesforce transformation and analytics platform that provides presence and performance management capabilities for companies with large extended salesforce.
“Their (Peel-Work’s) offerings are unique, and in a deeply fragmented market, and makes it easier for them to enter global markets,” said Karan MOhla, vice-president, IDG Ventures. The Peel-Works transaction is the eight investment made by IDG Ventures from its second fund.
This is also the second time that IDG Ventures and Inventus have joined hands to invest in a company. In October last year, both firm co-invested $2 million in Bangalore-based product recommendation platform Unbxd.
“The theme of cloud-enabled solutions applied to unique Indian problems is rarely seen anywhere, and is a very attractive proposition for us, and therefore, we just love it,” said Parag Dhol, managing director, Inventus Capital Partners.
Source: Economic Times