homevideos Newsstartup NewsExly to utilise $6.2 million fundraise for product development and customer acquisition
Exly to utilise $6.2 million fundraise for product development and customer acquisition
Business tools provider Exly has successfully raised $6.2 million in a recent funding round, with Chiratae Ventures leading the investment. Exly, a Y-Combinator Winter 2019 batch graduate, had previously secured $1.8 million in a seed funding round.
Business tools provider Exly has successfully raised $6.2 million in a recent funding round, with Chiratae Ventures leading the investment.
The company's Co-Founder & CEO, Suyash Sinha, expressed their commitment to customer success, emphasising that the funds would be allocated to enhance the product further.
Sinha outlined plans to incorporate artificial intelligence and a range of tools to empower customers, allowing them to maximise their earnings. The company also aims to onboard more entrepreneurs and knowledge professionals, expanding their customer base tenfold.
This funding round also saw participation from existing investors Mayfield India and Venture Highway. Exly, a Y-Combinator Winter 2019 batch graduate, had previously secured $1.8 million in a seed funding round.
Sinha highlighted the remarkable growth of Exly, with a 25x increase in the last couple of years, including a 7x growth in the past year alone.
Looking ahead, the company aims for an additional 3-4x growth in the next year. Currently serving over 10,000 users, the company is looking to expand its user base by 10 times in the coming years.
In a separate development, construction tech startup Bandhoo has secured Rs 7.35 crore in a pre-Series A funding round, with Venture Catalysts taking the lead. The funding round also saw participation from the startup's founders and angel investors.
Bandhoo's Co-Founder, Prashant Gupta, detailed the company's plans for the newly acquired funds. The primary focus is on investing in the go-to-market strategy to expand the company's presence in various markets.
Gupta emphasised the need to hire sales personnel and establish go-to-market partnerships to tap into a broader audience within the vast ecosystem.
Additionally, the funds will be utilised to develop an automated version of Bandhoo's solutions and enhance features to improve overall customer experience.
In a previous seed round in June 2021, Bandhoo raised $1.5 million from Unitus, Infoedge Ventures, and Bharat Innovation Fund.
Moreover, Chaitanya Kalipatnapu, Co-Founder of Eruditus, provided insights into the company's fiscal year plans, which runs from July to June. Kalipatnapu indicated a profitable growth of 25-30% for the current year.
The edtech startup is also contemplating a shift in domicile from Singapore to India as part of its strategic evaluation for a potential listing on domestic bourses.
Watch accompanying video for more.
First Published: Mar 6, 2024 12:40 AM IST
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