21-year-old's SaaS-based HR Analytics Startup inFeedo raises angel funding
Bootstrapped for a year, SaaS-based HR Analytics startup inFeedo has raised an undisclosed amount of funding in an angel round. The round was led by Dheeraj Jain, partner of UK-based hedge fund Redcliffe Capital and former Google India Operations Head, and Palash Jain (who is also inFeedo founder Tanmaya's father).
The startup is in conversation with a few angel investors and HNIs (having a strong background in the HR-Tech space) to complete the remaining portion of the round by the end of this month, taking the total amount to $150,000.
“We have heard stellar feedback from inFeedo's clients on how they have arrested attrition and helped boost employee productivity. Its efficient SaaS model will enable them to manage culture in organisations across the globe!"said Dheeraj, Managing Partner, Redcliffe Capital.
Founded in 2013 by then 18-year-old Shiv Nadar University alumnus Tanmaya Jain along with his college roommate Varun Puri, inFeedo is an employee feedback platform for companies to crowdsource ideas and solve problems from teams across cities and in-house.
In an earlier interaction with Yourstory, Tanmaya said that more than 5,000 employees from people-oriented companies like MakeMyTrip, PayU, Knowlarity, Faasos and Craftsvilla had chosen inFeedo over Microsoft Yammer as their primary employee feedback platform. inFeedo’s paid user base is growing at the rate of 53 percent QoQ.
The inFeedo platform can engage more than 5,500 employees, generate more than 1,000 ideas, host more than 10 anonymous townhalls and predict attrition in ways that are humanly impossible. We are cash flow positive, with an unusual team that includes a college dropout from St. Xavier’s, an in-house data scientist and an aspiring psychologist who spent 15 months in Antarctica,” said Tanmaya (21).
With a team size of less than 10, inFeedo aims to touch more than 10,000 paid users by the end of 2016 and is looking to partner with more B2B HR companies.
inFeedo’s new AI chatbot ‘Amber’ has been an instant hit with HR heads at geographically distributed companies like MakeMyTrip, Lava Mobile, Knowlarity, RedBus and Nearbuy. Built purely on client feedback, this bot can now automatically talk to employees at specific intervals in their lifecycle, and based on their chats, auto-generate Culture Reports for HR leaders to proactively meet those who’re unhappy, facing troubles or about to leave,” said investor Palash Jain.
Indian SaaS companies are expected to reach the $10 billion revenue mark in 2025, according to a report by Google and Accel Partners. The report states that India has over 500 SaaS startups currently, collectively earning $600 million in revenue. Globally, SaaS is expected to become a $132 billion industry by 2020.
One of the many reasons for this growth expectation is the rising adoption of technology, and specifically SaaS, among small and medium businesses (SMBs). SMB SaaS is expected to grow to $76 billion in 2020, and India is expected to capture eight percent of this market.
Companies like CRM solution provider Capillary Technologies, Cloud Telephony solution provider Exotel, and online customer support and helpdesk solution provider Freshdesk are some of the prominent startups in the SaaS space.