Texas and Bengaluru-based software-as-a-service (SaaS) startup SmartKarrot, on Wednesday (January 22), announced that it has raised $1 Mn from undisclosed investors in an angel funding round. The company is looking to expand its India presence with the new round of funding.
Besides the US, the company also has a presence in Singapore and Canada. However, with the recently raised funds, SmartKarrot is planning to expand its research, development and market acquisition operations in India, according to VCCircle.
Speaking about the company’s future plans, Prithwi Dasgupta, SmartKarrot’s cofounder and CEO, said that the startup is going to focus on driving recurring revenues and improving its offerings to stay competitive.
Founded by Dasgupta and Arnab Chatterjee in 2019, SmartKarrot offers a platform which is used by businesses to capture real-time digital behaviour of customers across various other online platforms.
The company claims that the product insights provided by its platform help businesses improve customer relationships, create more engaging onboarding experiences and retain more customers. It works with communication points such as emails, messaging services, push notifications and in-app surveys. By helping its clients in these digital operations, SmartKarrot claims that it helps in the overall increase in revenue generation.
Prior to this, Chatterjee had cofounded US-based healthtech company eMids, where Dasgupta was a senior-level employee.
The investment in SmartKarrot comes at an opportune time for India’s SaaS industry, which has been dominated by a handful of companies. Earlier this week, Sequoia India invested $6 Mn in artificial intelligence (AI) powered enterprise SaaS company Samya.AI in the seed-stage funding round.
In 2019 too, SaaS startups were one of the key sectors which had attracted huge investments from venture capitals and angel investors. According to DataLabs by Inc42, the Indian SaaS and enterprise software market is expected to reach $1 Bn by 2020. Further, it estimates that a total of 114 deals in the enterprise sector in 2019 raised around $1.15 Bn. Last year Pune-based Icertis and Druva both joined the unicorn club which already featured enterprise SaaS companies Zoho and Freshworks.