AI-backed talent retention platform HuddleUp Wednesday said it has secured a seed funding of $550,000 led by alternate asset management fund, Anicut Capital. The company will use the capital to build a larger team and for expansion in India and global markets.
Blume Founders' Fund First Cheque, Huddle and early-stage venture fund Upsparks also participated in the funding round. The Bengaluru-based startup has also roped in a clutch of marquee founders and angel investors like Ritesh Malik (Founder of Innov8), Rajesh Sawhney (Founder and CEO of GSF Accelerator), Gireesh S (Founder and CEO of Freshworks) and Mandeep Manocha (Co-Founder and CEO of Cashify).
Founded by Kshitij Mohan and Varun Varma in 2021, HuddleUp helps organisations retain top talent and increase productivity through continuous check-ins, intelligent real-time experience analytics, suggested 1-on-1s, manager learnings, gamified kudos and more.
The startup has clients like MPL, ZestMoney, Instamojo and StepSetGo among other prominent enterprises in its portfolio.
“With the funding, we are looking at full-funnel growth, strengthening our core and expanding our footprint. The last few months have witnessed tremendous growth and we aim to continue the success trajectory,” said Kshitij Mohan, co-founder and CEO, HuddleUp.
Anicut Capital is an alternative asset management firm currently managing two debt funds with an AUM (assets under management) of Rs 1,400 crore and an equity-based angel fund.
Anicut's portfolio names include Neemans, Bira, Sugar cosmetics, Earth Rhythm, Blue Tokai, Sharechat, Mcaffeine, Vyapar, Agnikul and Grip Finance, among others.
“With the onset of hybrid and remote working ecosystems, organisations have realised the need to focus on the experiences of their employees to retain their top talent. Hence, this market is expected to grow exponentially, with HuddleUp aiming to impact millions of employees at work in the coming years”, said Ashvin Chadha, founding partner, Anicut Capital.
