Gurugram, India’s SaaS-based analytics startup inFeedo has bagged US$ 700K in a pre-Series A round of funding held in August 2020, led by Y Combinator along with participation from some Indian founders and CEOs.
Proceeds from the fundraising round will be used to increase headcount and fill up key management roles including that of a COO, CMO and CTO. The SaaS startup also plans to expand its customer base, to generate capital worth US$ 10M.
About the startup
Founded in 2013 by Tanmaya Jain, inFeedo operates an AI-based Human Resource Management system to reduce attrition, engage employees, and analyze employee culture using Predictive People Analytics. inFeedo launched its employee-experience bot Amber in 2016, to help the HR functions of global establishments. The employee-experience bot can have tête-à-têtes with remote employees and predict those who are unhappy or most likely to leave. It helps to understand culture, diversity, and leadership gaps. Amber currently engages with more than three lakh employees at over 100 enterprises, with minimum workforce strength of 150 or more, across the world.
To date, inFeedo has helped more than 300K employees in companies like GE, MakeMyTrip, Dunkin, ABinBev, Puma, ITC, Nivea, Lenovo, Britannia, OYO, Unilever, Airtel, and Dominos feel valued and appreciated.
CEO Tanmaya Jain was quoted to say, “In spite of running a cash-flow positive business, our main aim to fundraise during the pandemic was to double down in Southeast Asia and build a leadership team that helps customers remotely connect with their employees better and come out of COVID-19 stronger than before.”
Ritesh Malik, Founder of OYO-acquired Innov8 Co-working said, “Having benefited directly from Amber at OYO, as a customer, I was already motivated to invest in inFeedo as a company with a strong value system that’s always prioritized customer advocacy over investor relations.” The company’s Annual Recurring Revenue(ARR) stands at US$ 1.6M, and it claims to be progressing at a rate of 100% year on year.
About the Founder
Tanmaya Jain graduated from Shiv Nadar University with a major in Computer Science. He founded inFeedo when he was just 18 years old and has since taken his startup to greater heights year by year. He has been a guest speaker at various popular conferences like TEDx JMI, Josh Talks, ILO, PeopleMatters TechHR, FICCI, RAI MMR, NHRD, NASSCOM GIC Council, WeWork, Cowrks, LinkedInLocal Noida, HR Forum Dubai, NASSCOM HR Summit.
Kellogg University USA Alumni, IIT Delhi & Guwahati, IMI New Delhi, University of Pune, Nirma, BML, Jaypee, Manipal, Shiv Nadar University are the prestigious institutions in India where he has spoken as a guest speaker.
In September 2016, he won India’s Shark Tank(The Vault Show) and was funded on the spot with US$ 75K.
About the funding round
Apart from Michael Seibel, CEO at Y Combinator, other investors contributing in the investment round are Ritesh Malik (Founder of OYO-acquired Innov8 Co-working), Peyush Bansal (CEO at Lenskart), Vinod Muthukrishnan (CEO at Cisco-acquired Cloudcherry), Anand Chandrasekaran (former Snapdeal CPO and Facebook Director), Sunder Nookala (CEO at OC Tanner-acquired Kwench), Anil Advani (CEO at Inventus Law), and 100x Entrepreneur Fund, that led an oversubscribed syndicate via LetsVenture.
inFeedo has also been chosen for Y Combinator‘s Summer 2020 batch, which is taking place remotely due to the COVID-19 pandemic. The SaaS startup had earlier raised US$ 100K in a seed funding round held in 2016 from Dheeraj Jain, Partner at UK-based hedge fund Redcliffe Capital, and Palash Jain, Tanmaya’s father.
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