SUMMARY
The funding round was led by VC firm Silverneedle Ventures and also saw participation from existing investors, including JSW Ventures
The startup will use the capital to ramp up the deployment of GenAI tools, shore up tech stack, and expand its footprint in the US
Founded in 2018, Zvolv enables enterprises to automate their processes via its low-code or no-code solutions
SaaS startup Zvolv has raised INR 16 Cr ($2 Mn) in a strategic funding round led by venture capital firm Silverneedle Ventures. The round also saw participation from existing investors, including JSW Ventures.
The startup will use the capital to ramp up the deployment of generative AI tools to strengthen its low-code/ no-code (LCNC) capabilities. The fresh proceeds will also be utilised to expand its offerings and footprint in the US via reseller collaborations and direct presence.
Founded in 2018 by ex-Apple and Texas Instruments employees Hardik Gandhi and Sujoy Chakravarty, Zvolv enables enterprises to automate their processes via its LCNC solutions.
It caters to sectors such as retail, HR operations, and supply chain management and helps businesses address operational inefficiencies. It counts the likes of Swiggy, Lenskart, and Titan among its clients.
“We are extremely excited to bring on-board Silverneedle Ventures as partners, especially as we expand further into the US healthcare space. Their investment is a validation of both the potential of Zvolv and the traction we are seeing in the large enterprise segment,” said Zvolv cofounder and chief executive officer (CEO) Gandhi.
Commenting on the announcement, Abishek Balendran, partner at Silverneedle, said, “… With still a larger depth and space available in the hyper-automation market as a whole, coupled with the new AI orchestration capabilities possible with Zvolv’s latest offerings, we believe Zvolv’s product suite to be a major game changer.
Zvolv’s operations are spread across India, the US, the Middle East, and Australia. It last raised $1.5 Mn in 2021 in a funding round led by JSW Ventures and Riso Capital. The startup competes with the likes of UiPath, Happiest Minds, and Automation Anywhere.
Zvolv operates in the larger Indian SaaS market which caters to both domestic and global companies. Banking on India’s large and growing talent pool, Indian startups have established a presence globally with their affordable solutions.
As per Inc42, India is home to more than 1,100 funded enterprisetech startups that raised capital in excess of $15 Bn between 2014 and 2023. As per a report, the homegrown SaaS market is projected to grow to a size of $25 Bn by 2025.
