Software consulting startup Celebal Technologies on November 23 said it raised $32 million in minority growth investment from Norwest Venture Partners, a leading venture and growth equity investment firm.
The startup will use this first institutional investment funding to strengthen its foothold in markets across India, North America and Asia Pacific as well as fuel its expansion to new territories across Europe, Middle East and Japan.
Part of the funds would be used towards increasing delivery capacity and building industry-focused solution accelerators, it said.
“We are excited about our partnership with Norwest Venture Partners, who have an enviable track record of building scaled new-age technology companies globally. They understand our business and are passionate about companies in the next-gen Cloud, Analytics, and AI services segments,” co-founder Anupam Gupta said
Founded in 2016 by Gupta and Anirudh Kala, Jaipur-based Celebal Technologies employs more than 1,600 software engineers delivering new-age solutions to over 100 clients globally.
“In terms of market potential, we feel we’ve just scratched the surface and this partnership will enable us to pursue growth opportunities in the Microsoft and Databricks ecosystem,” Gupta said
Shiv Chaudhary, Managing Director, Norwest Venture Partners, said, they were pleased to welcome Celebal Technologies to the Norwest family.
“Celebal Technologies continues to demonstrate strong, differentiated execution and team culture. The company is laying the foundation for further scale and capturing the very large global market opportunity,” he said.
Avendus Capital acted as the exclusive financial adviser to Celebal Technologies. Shardul Amarchand Mangaldas & Company served as the legal advisers to Celebal Technologies as well as Norwest Venture Partners.
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