Funding to be deployed for adding more functionalities to the platform and acquiring new users
Founded in 2018, Vajro allows brands to build their own apps without writing a single line of code.
The global low-code development market is projected to grow to $45.5 Bn by 2025
Chennai-based no-code mobile app development platform, Vajro, has raised $8.5 Mn in Series A funding from U.S-based Five Elms Capital.
Five Elms Capital is a Kansas-based growth equity firm that invests in fast-growing B2B software businesses.
The startup will deploy the funding to add additional functionalities and features to its platform. The startup will also use the investment to increase its foothold in the market and acquire new users.
Echoing the sentiment, Vajro CEO, Baskar Agneeswaran, said, “Vajro will use its Series A funding to develop its next generation platform with new features and flexibility and to build integrations with other ecommerce platforms such as WooCommerce, Magento, and others in order to expand its reach even further.”
Adding to this, Vajro COO, Niwin Santhosh, also said, ”We have attracted new investors because, unlike others, Vajro is a platform built on technologies native to both Android and iOS. We also allow ecommerce merchants to make changes on the fly, without needing to update the app each time.”
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The mobile app startup was founded in 2018 by Baskar Agneeswaran, Niwin Santhosh and Raghuraman Ramamurthy. Vajro allows ecommerce brands to build their own Android and iOS apps, without writing a single line of code.
Speaking about the association, Five Elms Capital’s Daniel Bjornson said, “Most ecommerce stores are optimized for desktop web traffic while 80 percent of traffic is coming from mobile devices. Vajro solves this problem by reducing the friction of traditional mobile commerce, quickly and effectively. Our partnership will allow the team to continue to invest in the product and drive increased mobile sales for their clients.”
Even though the pandemic has hit businesses across the world, the global mobile development market continues to thrive. The expected revenues in the sector is estimated to hit $44.3 Tn by 2027. The global low-code development platform market is projected to grow to $45.5 Bn by 2025. Another report estimated that India’s MADP market could grow to $14 Bn by 2023 at a CAGR of 22%.
The startup claims to have 2200 clients across 150 countries. Many Indian D2C brands use Vajro including Earth Rhythm, AndMe, Prashanti Sarees, House of Masaba, among others.
Vajro competes with big players like Zoho Creator in this highly competitive sector.
The burgeoning consumer demand which has only grown amidst the pandemic has led to the rise of many new age d2c brands. India currently plays host to over 50,000 digital-first brands and more than 15 Mn active online sellers. This, in turn, has provided a huge opportunity for startups like Vajro which simplify the process of app building. In addition to this, the investment is a great opportunity for the startup to grow and expand its footprint across the country.