SaaS company NowFloats gets additional capital from VC investors
NowFloats Technologies Pvt. Ltd, a software-as-a-services company that helps small businesses set up an online presence, has raised Rs 25 crore ($3.6 million) from existing and new investors.
The company raised the funding from existing venture capital investors Iron Pillar, IIFL and Omidyar Network as well as a new Malaysian investor, consulting firm Wenlyn Global Group, according to regulatory filings.
Hyderabad-based NowFloats secured the capital by issuing Series B2 Compulsory Convertible Debentures (CCDs) in multiple tranches from October 2018 onwards. Of the total amount, Rs 13.5 crore was raised in 2019.
Among the investors, Iron Pillar led the funding with almost Rs 17 crore. Other investors accounted for the remaining amount.
Previously, the company had raised Rs 14.36 crore in a bridge round of funding last year from Omidyar, Iron Pillar and IIFL. In 2017, the company had raised $10 million (Rs 73 crore) in a Series B round.
NowFloats was founded in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain and Ronak Kumar Samantray. It provides app and web presence through its product Boost, which allows businesses to update their websites. The company also provides location-based Search Engine Optimisation for these businesses to drive traffic to the physical stores and e-commerce services.
The company offers services to companies in seven sectors including spas and salons, food and beverages, manufacturing, hospitality, education, clinics and hospitals. It also caters to individual medical practitioners. It competes with the likes of Infibeam-owned Buildabazaar, KartRocket and others.