Gurugram-based employee analytics platform InFeedo, on Friday (November 13), announced that it has raised $3.2 Mn in its latest funding round, which was led by Bling Capital and its founder Benjamin Ling.
CitiBank APAC’s former MD Simon Yoo, OYO’s chief strategy officer Maninder Gulati, SoftBank’s MD for EMEA Munish Varma, Freshworks’ founder Girish Mathrubootham and others also participated in this round. InFeedo also highlighted that this funding round has given partial exits worth $1.1 Mn to early investors and former employees.
The company had previously raised $200K as seed capital, back in 2016, from Redcliffe Partners’ managing partner Dheeraj Jain and Shaadi.com’s CEO Anupam Mittal. Even Metropolis’s Ameera Shah, DAN Performances’ Vivek Bhargava, Knowlarity’s Ambarish Gupta and Beer Cafe’s Rahul Singh joined the round.
Overall, the company has raised $700K in seed capital from Y Combinator and angels including Innov8 founder’s Dr Ritesh Malik, Lenskart’s CEO Peyush Bansal, Cloudcherry’s CEO Vinod Muthukrishnan, former Snapdeal CPO and Facebook director Anand Chandrasekaran and others.
The company will use the latest funding to hire for key leadership roles across engineering products and marketing in order to expand its customer base in the Asia-Pacific region. It aims to achieve $10 Mn in revenue with this expansion.
Commenting on the latest funding round, CEO and founder Tanmaya Jain, said, “With this fundraise, we will reinforce our belief to invest in incredible individuals driven by curiosity to unlock our next phase of growth. Most importantly, I’m extremely grateful to see the kind of wealth we’ve been able to create during a pandemic for our employees and investors, who stuck with us through thick and thin.”
InFeedo, which was founded in 2013, has built an AI-enabled engagement bot that periodically chats with employees and helps HR proactively find those who are disengaged or about to leave. The company’s flagship product, Amber, collected data solely used to help the employees in distress with a link to Amber’s Trust Statement that highlights exactly who in the organisation can see this feedback.
Amber comprises two tech layers for these users — the first which analyses the sentiments behind the conversations and the other which gives actionable insights based on these. It engages with over 300K employees across 100 enterprises like Airtel, GE Healthcare, Nivea, Lenovo, AXA Affin General Insurance, Tata Group, Unilever, Puma and OYO. The company claims to be already cash-flow positive.
The company closed FY20 at ARR of $1.6 Mn and claims to be growing at 100% Y-o-Y. Jain said that 30% of its revenue comes in from international customers. As per company filings accessed by Inc42, the company reported a revenue of INR 3.78 Cr in FY19 with expenses of INR 2.75 Cr, as against INR 1.2 Cr of revenue in FY18 with expenses of 1.02 Cr.