[Funding alert] Service tech startup Inspacco raises $200K in angel round

Pune-based service tech startup Inspacco on Monday announced that it has raised $200,000 in an angel round from a group of IIT and IIM alumni working as senior executives with leading foreign investment banks.

The startup will use the fresh capital for business, sales, and product development. It will also be used in tech hiring, said Sanket Nerkar, Founder and CEO of Inspacco.

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Speaking about the new development, Sanket Nerkar said,

“Management of gated communities — residential and commercial — is dominated by fragmented, disaggregated, non-tech savvy, and non-professional service providers. This investment will fuel our aim to reach 500 communities and provide them with smarter living through a tech enabled ecosystem of 10,000 service providers. The funds will be used to hire rock-stars across sales and tech functions.”

Founded in 2019 by IIM alumnus Sanket Nerkar and Paresh Kotkar, Inspacco is a one stop solution to avail regular, periodic and one time community services. The platform leverages technology to solve known and hidden challenges for decision makers and end users. It enables professionals to improve productivity, get rewards and bring transparency in their work by effectively guiding and managing them through personalized interfaces.

“We aim to bring in much needed operational efficiency for both clients and service providers ensuring scalability and transparency all across and resulting in increased lifetime revenues. We are also on-boarding financial intermediaries as part of this ecosystem to ensure beneficial terms to both clients and service providers,” shares Paresh Kotkar, Co-founder and COO.

Today, Inspacco claims to be providing services to over 100 premium residential communities and 15 corporates across 24 states and 300+ cities in India.

Commenting on the investment, one of the investors, CEO of a UAE based company, added,

"Inspacco is in the process of disrupting a multi-billion dollar fragmented market. Despite the brutal second wave, the company has demonstrated exponential growth in the last few quarters. Inspacco has built a strong and sticky user base — this also provides multiple opportunities to expand into peripheral product offerings. The team, led by Sanket, has the right mix to crack the code and we are glad to be a part of their journey."