Kaagaz Scanner gets $575,000 from Pravega, Axilor, Better Capital and other angels
Kaagaz Scanner gained popularity after the Chinese app Cam Scanner was banned by the government. Since its launch in June 2020, the app now has been installed in over 1.9 million phones, with more than 90,000 daily active users on the app
November 27, 2020 / 05:17 PM IST
Document scanning application Kaagaz Scanner has raised $575,000 in equity funding from a group of investors including Pravega Ventures, Axilor Ventures, Better Capital, and a few prominent angel investors like Phanindra Sama, founder of Redbus, and Farooq Adam, founder of Fynd.
Kaagaz Scanner gained popularity in the market after the Indian government’s ban on Chinese apps took Cam Scanner out of the Indian app market. Since its launch in June 2020, the app now has been installed in over 1.9 million phones, with more than 90,000 daily active users on the app.
This is a follow-up round for the startup, First Cheque and Axilor Ventures had first participated in the pre-series funding round in the company.
Kaagaz Scanner was founded by techies pursuing their second startup together, Snehanshu Gandhi, Gaurav Shrishrimal, and Tamanjit Singh Bindra. The app was also recognised by the Government of India in the ‘Atmanirbhar app’ programme in the ‘office apps’ category.
In a statement, the company said the app has brought in a host of safety features to keep the users’ content safe and private. The app works in the offline mode without any sign ins required and also offers features like custom watermarking.
“Kaagaz team as they build out powerful AI-based utility products for the ‘Bharat’
users. The Kaagaz team aims to leverage their proprietary mobile-based document scanner and create a repository of documents in their quest to become a key node in the exchange and storage of information for their users,” said Pravega Ventures in a comment on the investment.