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.

SmarterBiz provides software to help companies reach out to customers at each contact point, be it social media or any other mode, and handle their queries, he said.

SmarterBiz claims to be catering to large enterprises including e-commerce companies and banking space.

"During COVID-19 , we have seen 8-10 times increase in demand for remote management of customers by the companies," Bernard said.