Sequoia and Mayfield-backed Knowlarity Communications has announced the acquisition of a Mumbai-based cloud telephony startup Sunoray Solution for an undisclosed amount. Knowlarity aims to utilise Sunoray’s understanding of technological need of SMEs to target the enterprise customers.
On the acquisition, Ambarish Gupta, Founder and CEO of Knowlarity Communications, said, “Sunoray has successfully identified the growing technology needs of SME market across their customer life-cycle needs, and built it into their product roadmap. We will aggressively target the enterprise customers with the expanded product.”
Sunoray Solutions was founded by Rahul Arora and Sumontro Roy in 2014. The startup offers SMEs a tech-based products – such as telecalling software, cloud-based communication apps, virtual receptionist, among others – to cater to diverse business needs. Within a short span, the organisation is said to have built a diversified product portfolio that caters to the needs of the SME market.
“Sunoray is entering its next stage of growth, which will be explosive since the SMEs are now actively seeking simple, effective and economical technology. Knowlarity provides Sunoray the correct blend of resources to drive this growth,” Sumontro Roy, co-founder and COO of Sunoray Solutions said.
In the most recent development, Bengaluru-based online SME lending platform Capital Float raised its first international debt investment of $7.2 Mn (INR 48 Cr) from the Netherlands-based Triodos Investment Management. The startup plans to utilise the funds for onward lending, with prime focus on expanding its MSME borrower segments.
Similarly, Gurugram-headquartered online lending startup Aye Finance has raised $4.6 Mn (INR 30 Cr) in debt funding led by Swiss impact investor BlueOrchard Finance Ltd. The startup up plans to utilise the funding to diversify its lending portfolio to SMEs in India. Also, Delhi-based SME lending startup Namaste Credit raised $3.8 Mn in Series A round of funding from Nexus Venture Partners.