Cloud Based Product Startup CollateBox Raises INR 1 Cr From LetsVenture

CollateBox, a cloud-based product that helps collect, share and act on growing data, has raised INR 1 Cr in angel round of funding from a group of angel investors and Hyderabad-based technology incubator, Teninnovate through LetsVenture.

LetsVenture is an online platform for startups and investors to facilitate angel and seed investments.The funding would be mainly utilized to take the product to the global markets.

Speaking on this development, Ravindra Krishnappa, Co-Founder & CEO, CollateBox said “We were looking at raising $150K but we received such an overwhelming response to the product that we received 20% more than what we were looking for. LetsVenture helped us reach out to investors beyond our known circles which worked well for us.”

“Having invested in a couple of mobile technology startups, I understand that successful companies need both a great product and an experienced team. I truly believe in CollateBox’s vision of it becoming a world class product that will be used across the world,” said M.V.S Mani, MD of Future Focus Infotech Pvt ltd and IAN member. His previous investments have been in Zivame, Uniphore, Dil Se Bol, Tabtor and MobileWalla.

Founded by Ravindra Krishnappa and Ralph Vaz in 2012, CollateBox helps you collaborate with your team on multiple projects in the mobile world in a secure manner. It has been built for the everyday task – from collating daily expense report to managing student data of an entire district with selective sharing and summaries. The use case and scope for the product is ceaseless.The vision is to create ‘Evernote for spreadsheets’.

The beta of the product was released in mid-2014 and received good response. Ravindra Krishnappa is a serial entrepreneur with over 28 years of corporate, startup and technology experience. The co-founder Ralph Vaz has over 14 years of experience in developing enterprise web solutions & business applications.

LetsVenture was founded by Shanti Mohan and Sanjay Jha in 2013, it connects startups with investors and startup programs as well. Last year, $6.5 Mn was raised on LetsVenture’s platform across 23 deals and 4900+ connections were made. Recently, it has also launched LetsIgnite, an angel summit, aiming to connect startups to the angel ecosystem.