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NeoDove raises $1.5 million from India Quotient, to expand business: Report

The funds will be used to expand domestic customer base, international growth expansion and to accelerate product development

March 21, 2021 / 09:34 AM IST
This latest funding comes soon after the first round led by angel investors in August 2020.

This latest funding comes soon after the first round led by angel investors in August 2020.

NeoDove has raised $1.5 million in a seed round led by India Quotient and angel investors such as Ankit Garg (WakeFit) and Sumit Agarwal (Vyapar).

The funds will be used to expand the domestic customer base, international growth expansion, and to accelerate product development, Mint reported.

Arpit Khandelwal, co-founder of NeoDove told the paper that COVID-19 has “forced businesses to rethink their customer experience” and automation has helped them make a “swift and effective cloud transition.”

Madhukar Sinha, co-founder, and general partner at India Quotient said, "NeoDove’s process-driven approach to automation is a paradigm change for small and medium businesses (SMBs) which are under a lot of pressure to digitise and this is going to be a massive opportunity for growth. We believe SaaS-based automation tools for SMB’s will be a game-changer and are excited that NeoDove is very well positioned to capitalise on this opportunity.”

A year-old now, NeoDove provides sales and marketing automation for SMBs using predictive artificial intelligence (AI) and identity-based data. It has witnessed over 5 million monthly interactions and saw customers spend around 6 hours on its mobile app.

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Co-founder Ankit Kumar Agrawal told the paper that SMBs make up close to 70 percent of global employment and 50 percent of GDP, and a Bain and Co. study found that Indian SaaS startups are poised to capture 7 to 9 percent of global market share by 2020. He added that there is an “unprecedented and transformative shift in the way we work.”

This latest funding comes soon after the first round led by angel investors in August 2020.
Moneycontrol News
first published: Mar 21, 2021 09:34 am

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