Devices-as-a-service platform Swish Club raises $4.5M in pre-Series A round
Swish Club plans to use the funding on product development, talent acquisition, and revenue acceleration.
Swish Club, a sustainable devices-as-a-service platform, has raised $4.5 million in a pre-Series A round.
The funding comprised $3.3 million in equity and $1.2 million in debt financing.
The equity round was led by Powerhouse Ventures, with notable investors like Blume Ventures with Founders Fund, Touchstone Ventures with Eternal Capital, and Atrium Ventures joining in.
The funding round also included industry leaders such as Livspace's Anuj Srivastava and Al Jazira Capital's Ajit Reddy, alongside Goldman Sachs veterans Deb Dutt and Tushar Patel and the head of Citi Ventures Jatin Mamtani.
Swish Club plans to use the funding on product development, talent acquisition, and revenue acceleration. The debt component will be utilised for device financing, said the company in a statement.
“Managing corporate devices is a complex, multi-step process involving procurement, financing, asset management, and eventual recycling. Each step requires different vendors that come with cost implications, lack of transparency, and multiple back-and-forths.
"Swish Club is simplifying this with India’s first digital device-as-a-service (DaaS) platform, helping businesses remove these depreciating assets from their balance sheet, and reduce device and software costs from 10% to just 3% of total annual capex - all with a few clicks through a dedicated platform. This means companies can now invest more in their core growth and avoid dealing with multiple vendors," said Dushyant Sapre, Founder & CEO of Swish Club.
Swish Club's software solution aims to provide a fast and hassle-free adoption of enterprise-grade security and compliance software for corporate devices.
Since its launch in April last year, Swish Club says it has onboarded over 125 enterprise clients, including Max Life Insurance, Benett and Coleman, HDFC Life Insurance, Pepsico, Informatica, Philips, GMR, RPG Group, Landmark Group and Zensar. Startups such as Whatfix, Zetwerk, Meesho, Plum, Allen, Porter, Bold Care, FamPay, Zolvit, Qila Games, Addverb are also clients of Swish Club.
Under its DaaS solution, Swish Club has introduced what it claims to be India’s first digital platform for laptop rentals for enterprise and smartphone leasing for corporate employees. The Enterprise Device Rental solution comes with four free pre-bundled software: Asset Management Portal, Mobile Device Management, Antivirus & Device Cleaner. This solution helps businesses acquire devices without the issues of hefty upfront payments, access the latest technology, meet enterprise-grade security and compliance requirements, and recycle devices with zero data leakage risk without having to deal with multiple vendors, said the company.
"Swish Club exhibits immense potential with its innovative, technology-led approach to simplify device management and compliance for fast-growing enterprises. By offering a seamless, cost-efficient, and scalable solution, the company is transforming the traditionally fragmented and capital-intensive IT asset management," said Sri Peddu and Kshitij Golwalkar, General Partners, Powerhouse Ventures, in a joint statement.
Edited by Swetha Kannan