How Builder.ai plans to hit $100M ARR
App development platform Builder.ai plans on expanding to new markets and upgrading its AI-driven platform with its recent fundraise.
Hello Readers,
The pandemic has accelerated digital adoption across the world, and Artificial Intelligence (AI)-based low-code/no-code app development platform Builder.ai also saw its business pick up.
It recently raised $100 million in its Series C round, which brought the total funding raised to $195 million. Using the investment, Builder.ai aims to build software and apps that are up to 6X faster and around 70 percent cheaper as compared to other avenues.
Catering to a large segment of small and medium businesses, the company was able to modify its offerings according to the micro-trends in the industry.
"One was that digital and non-digital worlds will merge and we have seen that happen; and secondly, the demand for developers will outstrip the supply,” Sachin Dev Duggal, CEO of , tells YourStory.
These changes led to an 18X growth in revenue for its flagship product, Builder Studio, since April 2020. The startup also saw positive EBITDA months over the last year, and the company is on its way to reach the $100 million Annual Recurring Revenue (ARR) mark.
With the APAC market accounting for 60 percent of its business, it now plans to expand its business across continental cities in the US, APAC, MENA, and the UK.
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