Coraza Technologies Pvt. Ltd, which runs an online customer feedback platform Akosha.com, has raised $5 Mn in additional funding from existing venture investor Sequoia Capital. The startup has previously raised Rs 1 Cr from Sequoia in a seed round in September 2011.
“We first made a seed investment in Akosha several quarters ago, and we’re delighted to see the progress and evolution of the model. Consumer use of the online product has grown over 20x in the this time period with almost no marketing, and over 100 brands now use the Akosha platform every week,” said Shailendra Singh, MD at Sequoia Capital India.
The fresh round of funding will be used by Akosha to invest in technology and for expanding its OneDirect Suite of enterprise solutions like customer service benchmarking, online feedback CRM, and reputation management solutions.
Akosha is an online consumer forum platform for consumers to lodge their complaints against any brand in India, it takes up the consumer complaints with the escalation departments at leading brands. Through its online consumer complaint platform, Akosha helps brands and consumers in giving timely resolutions to complaints. As per the company, there are over 7.9 lakh complaints filed on its platform as of June this year and it currently witnesses over 75,000 complaints on its platform every month.
In case consumer does not get a resolution to their complaint and insists on approaching a consumer forum, then Akosha helps the consumer in approaching consumer court across India by providing them consumer complaints and other required documents.
Its platform is used by over 100 large brands, out of which about 22 of them have now become paid customers. Brands including Voltas, Aircel, Snapdeal, Micromax and Groupon are few brands that are currently using Akosha’s enterprise solutions.
Akosha was founded in 2010 by former Linklaters attorney and NLSIU graduate Ankur Singla. He was later joined by Avinash Vankadaru and Vishal Pal Chaudhary.