US- and India-based software-as-a-service (SaaS) and technology company TheCapitalNet, Inc. said it has raised $500,000 (Rs 3.4 crore) in seed funding.
The funding was raised from Lindwall Family Investments LLC (LFI), a Texas-based firm that has invested in segments including real estate, food and beverages and technology, TheCapitalNet said in a statement.
The proceeds will help the company expand geographically and strengthen its technology team, said Rakesh Bhatia, co-founder and CEO, TheCapitalNet.
TheCapitalNet has launched its first product—TheBizPlanner—to help entrepreneurs create business plans with ease and efficiency and reach out to the investors in a well-structured way.
The company was founded earlier this year by Bhatia, Manish Gupta, Vijaykanth VK and Sandeep Reddy Pallavolu.
Bhatia is a graduate of the Indian Institute of Management (IIM) Kozhikode, and has a work experience of 15 years, according to his LinkedIn profile. Pallavolu, who is chief product officer, is a graduate of the London School of Economics and Political Science. He has earlier worked with Macquarie Group and Arka Mediaworks.
An email to TheCapitalNet seeking more details of the founders' background didn’t immediately elicit any response.
A lot of SaaS startups have attracted funding from investors in recent months.
According to an annual VCCircle PE-VC Outlook Survey, SaaS and cloud-based startups remain the most favoured for investments among venture capital firms in India this year.
Earlier this week, LoginRadius, which offers a cloud-based SaaS platform that helps businesses manage and secure their customers’ digital identities, raised $17 million (around Rs 117 crore) in a Series A round of funding.
On Thursday, two other SaaS-based firms raised capital. These are Entropik Tech, which offers a SaaS platform that recognises emotions to help companies understand consumer behaviour; and Bitla Software, which primarily develops SaaS, cloud and mobile-based solutions catering to enterprises in the travel segment.