BENGALURU : SaaS participant Celebal Tech raises $32 mn
Software program consulting firm Celebal Applied sciences stated it has raised $32 million (about ₹262 crore) from Norwest Enterprise Companions in its first institutional fundraising.
The deal will give Norwest a minority stake in Celebal, the Jaipur-based firm stated in a press release on Wednesday. Celebal will use the funds to deepen its presence in current markets resembling North America, India and Asia Pacific, whereas increasing its footprint in new markets resembling Europe, Center East, and Japan.
“A number of the funds can be utilized in direction of growing supply capability and constructing trade targeted resolution accelerators,” the corporate stated. Celebal, nonetheless, doesn’t plan to lift capital within the close to time period following this fundraise, it stated.
“We’re bullish on the expansion of the digital know-how providers sector and offshore supply. With a powerful DNA of innovation-led tradition and customer-centricity, backed by sturdy partnerships with Microsoft and Databricks, we’re well-positioned to capitalize on new alternatives and serve our fast-growing roster of purchasers,” stated Anirudh Kala, co-founder and chief government of Celebal Applied sciences.
Based in 2015 by Kala and Anupam Gupta, Celebal operates within the massive information, information science and enterprise cloud house. It offers differentiated providers on Microsoft Azure and Databricks platforms.
It gives providers throughout industries resembling manufacturing, monetary providers, power, shopper packaged items, retail and healthcare.
Celebal at present has about 1,600 staff, which it plans to broaden to gasoline its enlargement, Gupta stated. The corporate claims to supply providers to 100 world purchasers.
Avendus Capital acted because the monetary adviser and Shardul Amarchand Mangaldas & Firm served because the authorized adviser to Celebal.
Amongst different fundraises within the SaaS trade, Icertis in October raised $150 million within the type of a revolving credit score facility and convertible financing from Silicon Valley Financial institution.
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