[Funding alert] SaaS startup Lio raises $5M from Lightspeed, Sequioa

SaaS startup Lio will use the funds to increase the number of users and expand its engineering team.

SaaS startup Lio raised $5 million in a seed round led by Lightspeed India Partners and Sequoia Capital India, according to a release shared by the company.

The firm plans on using the funds to hire more engineers and increase users on its mobile app. Currently, the app claims to have over one million downloads and has also launched in Indonesia. The platform also operates in 10 Indian languages as it has 45 percent non-English speaking user base.

“The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio’s vision of enabling small businesses to be smarter by leveraging their business data for better decision making. We aim to achieve this by helping people organize their data using a simple yet powerful mobile app that they can customise to their needs,” said Anupam Vijayvergia, Co-founder and CEO of Lio, in the statement.

Launched in November 2020 by Indian School of Business graduates Anurag Vijayvergia and his twin brother Anupam Vijayvergia — Lio lets businesses calculate, tabulate, and organise tasks such as creating to-do lists, wedding registries, and class schedules. The product can be used by home businesses, solo business owners, farmers, doctors, and small to medium businesses, among others.

“With this investment, we aim to scale up the engineering and product team at Lio. We are proud to be a first-of-a-kind platform that enables mobile first users to be a smarter version of themselves leveraging the data templates created by other users in their community, which makes Lio progressively better for every successive user,” said Anurag Vijayvergia, Co-founder and CPO, Lio. 

Lio, earlier, had raised an angel round from CRED founder Kunal Shah, Snapdeal's Kunal Bahl, Unacademy's Gaurav Munjal, and Haresh Chawla, among many other prominent angel investors.

“The global pandemic drove a step function jump in digital transactions for mobile-first small businesses and prosumers. As a result, the need for an easy-to-use mobile-centric platform that enables collection, analysis and sharing of data is more acute than ever," said Dev Khare, Partner at Lightspeed.

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Edited by Kanishk Singh