Software-as-a-service (SaaS)-based people analytics inFeedo has raised $700,000 in funding from early stage startup accelerator Y Combinator along with other Indian founders and chief executives, who participated in the pre-Series A round.
inFeedo is also a part of Y Combinator’s ongoing Summer 2020 batch.
Other investors who joined the round included Dr Ritesh Malik, founder at OYO-acquired innov8, Peyush Bansal, CEO, Lenskart, Vinod Muthukrishnan, CEO, Cisco-acquired Cloudcherry, Anand Chandrasekaran, former Snapdeal executive and Facebook director.
With this funding, inFeedo is looking to scale-up hiring to fill key management roles, and looking to expand its customer base to generate $10 million in revenue.
The seven-year old startup, through its bot ‘Amber’ helps with HR functions such as measuring employee engagement, analysing individual employees, and organisational sentiment, predict attrition, and highlight insights on culture, in real-time.
inFeedo will also utilise the funds to enhance its product capabilities in areas of remote workforce engagement, manager effectiveness, and will run pulse surveys within organisations.
This year, the company is focussing on expanding into South-East Asia and looking to take on competitors like Glint which was recently acquired by LinkedIn.
“In spite of running a cash flow positive business, our main aim to fundraise during the pandemic was to double down in South-East Asia and build a leadership team that helps customers remotely connect with their employees better and come out of covid-19 stronger than before,” said Tanmaya Jain, CEO and Founder, inFeedo.
inFeedo claims to have users in more than 50 countries with over 100 customers including enterprises like Bharti Airtel Ltd., GE Healthcare, Nivea, Lenovo, AXA Affin General Insurance, Tata Group, Unilever, Puma, OYO.
In 2016, it had raised a seed round from Dheeraj Jain, MD, UK-based Redcliffe Capital, along with other angel investors.
The covid-19 crisis has forced several Indian entities and global internet giants Google and Facebook, to allow employees to continue work from home. This has opened an opportunity for several SaaS-based startups, as businesses look to integrate work-productivity solutions to assist in remote working.
Recently, SaaS-based data analytics startup, Hevo raised $8 million as a part of its Series A round, led by Singapore-based venture capital firm Qualgro along with Lachy Groom, a former executive of global online payments firm Stripe. The startup is also backed by Chiratae Ventures and Sequoia Capital’s accelerator programme Surge, which also participated in the funding round.
Last month, SaaS unicorn Freshworks Inc. acquired IT orchestration and cloud management platform Flint to bolster its IT support service portfolio, Freshservice, as well as help customers optimise spend and automate employee workflows.
