Software-as-a-service company Vinculum on Tuesday said it has marked the first close of its Series C funding round after raising an undisclosed amount led by logistics services provider Delhivery.
Existing investor Accel Partners, which had initially invested in Vinculum's Series A funding round, also participated in the latest mix of equity and debt round.
Revenue-based financier Recur Club provided debt financing as part of the fundraise
Additionally, the founders of Vinculum, also increased their stake in the company, the details of which however remained undisclosed.
In May, Delhivery had announced its investment in the SaaS company. Delhivery’s investment is the first part of a potential two-stage deal that provides Delhivery the option to further increase its shareholding in the company after six months.
The startup plans to deploy the fresh proceeds for product development, hiring talent as well as expanding its presence globally, as per its statement.
Vinculum Solutions Pvt Ltd is a SaaS company for e-commerce and multi-channel retailers. The Noida-based company claims to have worked with 400 brands across grocery, FMCG, healthcare, cosmetics and fashion in India, Southeast Asia, and the Middle East markets.
"With these funds, we aim to make several strategic growth hires. Additionally, we will accelerate our product development efforts," stated Venkat Nott, chief executive officer, Vinculum Group.
Vinculum is raising funds after a gap of nine years. In 2014, it had raised an undisclosed sum in its Series B funding round led by IvyCap Ventures, with Accel Partners.
