Futwork Nets INR 20.9 Cr To Offer AI-Based Customer Communication Solutions To Enterprises

SUMMARY

The startup passed a special resolution to issue 8,829 compulsory convertible preference shares (CCPS) and 50 equity shares at an issue price of Rs 23,560.50 each in order to raise Rs 21 Cr, as per regulatory filing accessed by Inc42.⁠

Founded in 2014 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork was earlier known as Frapp. The startup helps businesses to build and scale up their tele-calling teams at zero fixed costs.

Prior to this, the startup reportedly secured $1 Mn in a seed funding round led by Blume Ventures.

Update | September 13, 12:30 PM

Mumbai based enterprise tech startup Futwork has secured a INR 21 Cr (around $2.49 Mn) in its Series A funding round led by the Michael & Susan Dell Foundation, along with participation from Artha Ventures and Simile Capital.

The funds raised will be used to scale the product and roll out AI solutions to provide full-stack customer communication solutions across voice, chat, email and WhatsApp along with expanding to international markets, company said in a statement.

Futwork passed a special resolution to issue 8,829 compulsory convertible preference shares (CCPS) and 50 equity shares at an issue price of Rs 23,560.50 each, as per regulatory filing accessed by Inc42.⁠

Original Story | September 12, 15:39 PM

Mumbai based enterprise tech startup Futwork has secured a INR 20.9 Cr (around $2.49 Mn) in its Series A funding round led by the Michael & Susan Dell Foundation, along with participation from Artha Ventures and Simile Capital.

Futwork passed a special resolution to issue 8,829 compulsory convertible preference shares (CCPS) and 50 equity shares at an issue price of Rs 23,560.50 each in order to raise Rs 20.9 Cr, as per regulatory filing accessed by Inc42.⁠

Out of INR 20.9 Cr, Michael & Susan Dell Foundation poured INR 14.12 Cr, acquiring 19.92% of the company.

Simile Capital and Artha Ventures acquired 10.08% and 5.64%, respectively.

Founded in 2014 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork (erstwhile Frapp). Rebranded in 2020, the startup helps businesses to build and scale up their tele-calling teams at zero fixed costs.

The startup claims to have saved over 50% of the outbound calling expenditures of businesses via its platform for use cases, including lead qualification, user reactivation and process drop-off management among others.

Prior to this, in 2022, the startup reportedly secured $1 Mn in a seed funding round led by Blume Ventures.

This comes at a time when the enterprise tech space in India is seeing a lot of traction from investors for quite some time now.

In April, enterprise tech startup FlexiCloud Internet secured strategic investment from Ramoji Group’s food manufacturing arm Ushodaya Enterprises. While InMobi secured $100 Mn (around INR 840 Cr) in debt funding from Mars Growth Capital, a joint venture between MUFG and Liquidity Group.