Appsmith Raises $41 Mn To Help Enterprises Build Low Code Custom Apps

US and India-based app development startup Appsmith has raised $41 Mn in its Series B funding round led by Insight Partners. The round also saw participation from Accel, Canaan Partners, OSS Capital and a few other angel investors.

Appsmith will deploy funds to build its open-source software and introduce additional features on the platform for its customers (enterprises). 

Inc42 has reached out to the Appsmith founders, seeking confirmation and the story will be updated with their responses.

Founded in 2019 by Arpit Mohan, Abhishek Nayak and Nikhil Nandagopal, Appsmith is an open-source low-code software startup. It helps organisations to build and customise apps as per requirements. 

The startup provides tools using which developers can build applications within hours using the Appsmith’s pre-built components and APIs. The subscription-based startup then helps these startups test and deploy a web application where users are authenticated using a dashboard.

Appsmith has a headcount of 95 employees working across 16 countries. It has grown its user base by 15x since last year and claims to have over 7K users using its services every month. 

In October 2021, Appsmith had secured $8 Mn in its Series A funding round. Previously,  bagged $2.5 Mn in its seed funding round. With this round, the startup has so far raised $51.5 Mn in funds and its captable has Canaan Partners, Accel Partners, Bessemer Venture Partners, OSS Capital and Rippling’s Prasanna Sankar on its board. 

Appsmith competes with other low-code software startups including Builder.ai, Visual LANSA, Mendix, WaveMaker, and Appian. 

The global mobile app development market is estimated to reach $44.3 Tn by 2027 while the global low-code development platform market will be a market worth $45.5 Bn by 2025. Competing for a share of the market, Appsmith’s competitors have been on a funding spree in the past few months.

In March, Builder.ai raised $100 Mn while Vajro and Plobal Apps raised $8.5 Mn each to strengthen their foothold in India and enter global markets.

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