New Delhi-based SaaS startup Dockabl has raised $1.26 Mn in a Pre-Series A funding round led by a pool of marquee investors including Aditya Berlia (Apeejay Group of Companies), Ritesh Malik (Guerrilla Ventures), Sanjay Kapoor, Angad Singh Malhotra and Arun Kapur.
Other investors such as Rajat Gupta, Ganesh Mohan, Anita Belani, Dipak Roy, Aparna Ballakur, Dhanesh Shetty, Shail Vaidya, Shweta Kumar, Aarif Aziz, Abhishek Jain, Kanika Mittal, Siddharth Yadav, Neoma Kapoor, Ankit Goel, Radhey Raman Sharma and Murali Krishna also participated in the round.
Founded in 2017 by Samarth Masson and Sanjeev Grover, Dockabl, which is operated by Gravitate Ventures, offers employee experience platform which enhances productivity, enables continuous performance and drives engagement in an effective way.
Its SaaS-based platform offers a value proposition to various stakeholders such as employees, managers, project leaders, HR process owners and CEOs. It works effectively for all sizes of organisations ranging from start-ups to large conglomerates.
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It currently works with some of the notable organisations such as Policybazaar, Tata Realty, SIDBI, Becton Dickinson, Innov8, 91Springboard, Bajaj Capital and Hero HFL.
According to Dockabl, the funds will be utilised for further augmenting its product, technology and go-to-market strategies to deliver better customer experience. The startup also has plans to launch a plug and play version of its product by 2020.
With a focus to strengthen its footprint in India, Dockabl is also aiming for a robust expansion across global markets including North America and South East Asia.
“We offer a progressive solution with a user-interface design that solves work management problems in organizations in a deep and efficient manner. Our focus on employee experience is what sets us apart. With this capital infusion, we are very enthusiastic to further enhance our product and prove our merit yet again,” the founders said in a statement.
Investors Focus On Developing SaaS Market In India
According to Inc42 DataLabs, Indian SaaS startups raised $2.79 Bn across 520 deal during the period between January 2014 and June 2018.
A 2016 report by Google and Accel Partners predicted that the Indian SaaS market will grow to become a $10 Bn revenue industry by the year of 2025.
In May, Inc42 exclusively reported that SaaS-powered HRTech startup Skillenza closed a $1 Mn Pre-Series A funding round led by CBA Capital’s Education Catalyst Fund (ECF) with participation from Let’sVenture, CIO Angel Network, Keiretsu forum, Hyderabad Angels and its existing investors including Blume Ventures, and Tracxn Labs.
Bellevue-headquartered SaaS startup Zenoti had also raised $50 Mn in a Series C funding round led by Tiger Global Management. India makes about 20% market for Zenoti, which uses artificial intelligence for predictive analytics and mobile solutions to help its clients better attract, engage and retain customers