SaaS Company NewFloats succeeds to gain $3.6 million debt from Iron Pillar and Omidyar
NewFloats Technologies Pvt. Ltd. raised $3.6 Million in funding round.
Iron Pillar led the funding round with contribution of Rs. 17 crore.
The company has brought a hike of 80.5% and the revenue of the firm stood at Rs 18.73 crore in FY18
Its losses enhanced by 51.1 % to Rs 47.49 crore,
NewFloats assists small businesses in developing their online presence.
NewFloats Technologies Pvt. Ltd. raises $3.6 Million from existing venture capital investors IIFL, Iron Pillar and Omidyar Network, and new investor Wenlyn Global Group, a Malaysian investor and consulting firm. Iron Pillar led the funding round with contributing Rs. 17 crore out of total funds and rest was paid by other investors.
Hyderabad based Software as a service company secured capital by issuing Series B2 Compulsory Convertible Debentures (CCDs) in various tranches since October 2018. Out of the complete amount Rs. 13.8 crore was raised in 2019.
The company raised Rs. 14.36 crore by IIFL (Seed Ventures Fund I & Cash Opportunities Fund), Iron Pillar and Omidyar in bridge round of funding in 2018. The company also managed to secure $10 Million funds in series B funding round held in 2017.
NewFloats came live into action in 2012 by collaborative efforts and innovative thoughts of Neeraj Sabharwal, Jasminder Singh Gulati, Ronak Kumar Samantray and Nitin Jain. Company assists small businesses in developing their online presence. It does so by providing web and app presence to companies by means of its product boost and allowing businesses to update their websites. It also provides the facility of location-based Search Engine Optimization to assist businesses in gaining traffic to e-commerce services and physical stores. It is recently providing services in seven domains including education, manufacturing, food and beverages, hospitals, clinics, and spas and salons.
NowFloats has enhanced its performance in FY18 from the previous year. It has brought a hike of 80.5%, the revenue of the firm stood at Rs 18.73 crore in FY18. Meanwhile, losses also enhanced by 51.1 % to Rs 47.49 crore. Overall the company has to lose 3.6 Rs to earn 1 rupee. It is not a good testimony for 7 years old B2B firm. It is working hard to give high competition to competitors including Infibeam-owned Buildabazaar, KartRocket, and Zepo.
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