[Funding alert] SaaS startup inFeedo raises $700k in pre-Series A round from Y Combinator and others
SaaS-based analytics startup inFeedo recently announced that it had raised its pre-Series A round of funding. The round was closed at $7,00,000, and was led by Y Combinator. A couple of Indian founders and CEOs also took part in the round.
inFeedo has been selected for Y Combinator's Summer 2020 batch, which is taking place remotely due to the COVID-19 pandemic.
Tanmaya Jain, CEO and founder at inFeedo, says:
"In spite of running a cash-flow positive business, our main aim to fundraise during the pandemic was to double down in Southeast Asia and build a leadership team that helps customers remotely connect with their employees better and come out of COVID-19 stronger than before."
Apart from Michael Seibel, CEO at Y Combinator, other investors participating in the round are Ritesh Malik (Founder of OYO-acquired Innov8 Co-working), Peyush Bansal (CEO at Lenskart), Vinod Muthukrishnan (CEO at Cisco-acquired Cloudcherry), Anand Chandrasekaran (former Snapdeal CPO and Facebook Director), Sunder Nookala (CEO at OC Tanner-acquired Kwench), Anil Advani (CEO at Inventus Law), and 100x Entrepreneur Fund, that led an oversubscribed syndicate via LetsVenture.
inFeedo plans to use the freshly raised funds to double down on hiring and fill up key management roles including that of a COO, CMO and CTO. The SaaS startup plans to expand its customer base, to generate revenue worth $10 million.
Founded in 2013 by Tanmaya Jain, inFeedo launched its employee-experience bot Amber in 2016, to help the HR functions of global organisations. The employee-experience bot can have conversations with remote employees and predict employees who are disengaged or about to leave.
Amber thus helps CEOs and HR leaders get an immediate pulse of employee pain points across teams. It helps to identify culture, diversity, and leadership gaps.
Ritesh Malik says: "Having benefited directly from Amber at OYO, as a customer, I was already motivated to invest in inFeedo as a company with a strong value system that's always prioritised customer advocacy over investor relations."
According to inFeedo, Amber currently engages with more than three lakh employees at over 100 enterprises, with a minimum workforce strength of 150 or more, across the world. It is currently being used by companies including ABinBev, Puma, ITC, Nivea, Lenovo, Britannia, OYO, Unilever, Airtel, and MakeMyTrip, among others.
The company's ARR stands at $1.6 million, and it claims to be growing at 100 percent year on year.
The SaaS startup had earlier raised $100,000 in its seed round from Dheeraj Jain, Partner at UK-based hedge fund Redcliffe Capital, and Palash Jain, Tanmaya's father.
(Edited by Teja Lele Desai)