IT Startup SmarterBiz raises Rs 8 cr from StartupXseed, prominent angels

IT startup SmarterBiz on Thursday said it has raised Rs 8 crore from StartupXseed Ventures and prominent angel investors including former chairman of Microsoft India Bhaskar Pramanik.

The funds were raised as a part of pre-series A round.

The company plans to use the fund for developing technology and expand its reach, SmarterBiz founder and CEO Rajesh Bernard said in a statement.

“We have been profitable for the last 2 financial years. This year we expect to grow 7-8 times with an average revenue rate of Rs 72 crore. The new funds will help us build deeper technology and take on the large demand coming due to COVID-19,” Bernard said.

Founded in 2014 by Bernard, Vijay Krishna, and Prateek Mehta, the company was funded initially by Utthsihta Yekum Fund.