Analytics-focussed SaaS startup inFeedo has raised ₹5.25 crores in pre-series A funding from Innov8 founder Ritesh Malik, former Cloudcherry CEO Vinod Muthukrishnan, former Kwench CEO Sunder Nookala, Investus Law CEO Anil Advani, former Snaldeal CPO Anand Chandrasekaran, and Lenskart CEO Peyush Bansal.
The transaction was carried out on the investment platform LetsVenture. Early-stage venture capital firm 100x Entrepreneur Fund and global startup accelerator Y Combinator also participated in the funding round.
inFeedo will use the funds to hire managerial talent to touch $10 million in revenues. The startup also plans to work on its product roadmap which includes introducing features like capabilities for remote workforces, leadership and managerial effectiveness, and pulse surveys.
Founded by Tanmaya Jain, inFeedo operates employee experience chatbot Amber that helps HR departments measure data points including employee engagement, individual employee sentiment, attrition prediction, and insights on company culture.
“Despite running a cash flow positive business, our main aim to fundraise during the [coronavirus] pandemic was to double down in SouthEast Asia and build a leadership team,” Jain said.
In December 2016, inFeedo had raised ₹1.3 crores from UK-based hedge fund Redcliffe Capital’s managing partner Dheeraj Jain and People Group CEO Anupam Mittal. Before that in September 2016, the startup raised ₹1 crores in angel funding from Redcliffe’s Dheeraj Jain and former Google India head of core operations Palash Jain.
Startups in the SaaS space are gaining momentum. In May 2020, CodeNinja.ai, a no-coding platform raised ₹2.4 crores from the Early Adapters Syndicate of LetsVenture. In April 2020, Aavenir, a source-to-pay solution provider raised around ₹16 crores in seed funding from Accel India.