SaaS-powered analytics startup inFeedo has recently declared that it has bagged $7,00,000 in its Series A funding round led by American venture capital firm, Y Combinator. The startup plans to use the latest funding to increase its workforce twice in number and fill up its C-suite, including a COO, CMO, and CTO. Besides, inFeedo plans to widen its customer base for generating revenue worth $10 million.
Alongside Y Combinator's CEO Michael Seibel, other investors who also participated in the round were the founder of OYO-acquired Innov8 Ritesh Malik, Cisco-acquired Cloudcherry CEO Vinod Muthukrishnan, Lenskart CEO Peyush Bansal, OC Tanner-acquired Kwench CEO Sunder Nookala, Facebook director and former Snapdeal CPO Anand Chandrasekaran, 100x Entrepreneur Fund and Inventus Law CEO Anil Advani.
inFeedo CEO Tanmaya Jain said that despite running a positive cash-flow business, its major aim is to raise its funds during the ongoing pandemic is that to twofold its reach in Southeast Asia and build a leadership team, which helps customers connect remotely with its employees better and come out of COVID-19 stronger than earlier.
In 2013, Tanmaya Jain founded inFeedo as a SaaS-based people predictive analytics firm to help several enterprises. Its prominent customers include Dunkin Donuts, Puma, Airtel, GE, Tata, Kotak, and many more for redefining employee engagement. In 2016, inFeedo had launched its employee-experience bot Amber to help the HR functions of global organizations. It can conduct conversations with remote employees and predict employees who are about to leave or disengaged.
Amber has the potential to help the HR leaders and CEOs to get an immediate pulse of employee pain points over its teams. Alongside this, it assists in identify diversity, culture, and leadership gaps.
Founder of OYO-acquired co-working space, Innov8, Ritesh Malik said leveraging direct benefits from Amber at OYO, as a customer, he was readily encouraged to invest in inFeedo as a firm with a strong value system, which will always prioritize customer advocacy on investor relations.
As per inFeedo, currently, Amber is engaged with over 3 lakh employees at more than 100 enterprises, with minimum workforce strength of 150 or more, around the globe. Unilever, Puma, Airtel, OYO, Lenovo, Britannia, Nivea, MakeMyTrip, ITC, ABinBev, and many more currently use the inFeedo's employee-experience bot, Amber.
The startup's annual recurring revenue (ARR) stands at $1.6 million, and the startup claims to be growing at 100% year on year.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.