SaaS startup Hiver has raised $4 million (around INR 30 Crores) in a fresh funding round from venture capital investment firms Kalaari Capital and Kae Capital. The Silicon Valley and Bengaluru-based startup plan to utilize the funds to improve its products and expand to a global market.
Niraj Ranjan Rout, Founder of Hiver, said, “With this investment, we will fuel our efforts to realise our vision of making Gmail a powerful collaboration platform that businesses can use for sales, support and their internal functions. We have been profitable and growing rapidly, and we see a huge product and business opportunity in enhancing Gmail to make it work better for businesses.”
With the current development, Gaurav Chaturvedi, Venture Partner at Kae Capital and Rajesh Raju, MD of Kalaari Capital are joining Hiver’s board of directors. Owned and operated by GrexIt, the startup was founded by Niraj Ranjan and Nitesh Nandy in 2011, both being IIT Kharagpur alumni.
The startup offers a Gmail-based email collaboration tool and helps businesses manage email sent to shared inboxes. Hiver proudly serves more than 2,000 clients across 30 different geographical locations and handles more than 1 million emails every day. Hiver has witnessed a two-fold growth in its revenue in the last 10 months.
Earlier in 2012, the SaaS startup raised $130,000 in seed funding from Citrix Startup Accelerator and Vijay Shekhar Sharma, the founder of Paytm. Hiver is competing with major international players including Salesforce, HelpScout, Zoho and Freshworks. The startup may suffer a tough competition from Microsoft Dynamics.
The unconfirmed news is that Zoho is clocking close to $500 Mn in revenue per year and 250,000 customers. Freshworks has crossed $ 100 million ARR with 100,000+ customers. And those are just the big names. Solid products like KiSSFLOW, Chargebee, FourKites, Kayako, and Agile CRM are all serious international competitors.