LambdaTest Inc., a software-as-a-service-based automation testing platform, has raised $2 million (approximately Rs 14.28 crore at current exchange rates) in a pre-Series A funding round led by early-stage venture capital firm Blumes Ventures.
Existing investor Leo Capital, a Mumbai-based VC fund, also participated in the funding round, Mint reported.
The startup said it will use the funds for enhancing its technological infrastructure by increasing the performance of its platform and introducing new features.
San Francisco-based LambdaTest previously raised $1 million from Leo in December last year.
VCCircle has reached out to LambdaTest on the details of the funding and will update this report accordingly.
Asad Khan, co-founder at LambdaTest, said the investment in the company was proof of investor confidence in its model.
Separately, Sanjay Nath, co-founder and managing partner at Blume Ventures, said LambdaTest would be a significant player in the cloud testing segment because of its growth in the last two years since its inception.
LambdaTest was founded by Asad Khan and Jay Singh in 2017. The firm helps perform automated and live interactive cross-browser testing on over 2,000 browsers and operating systems. It also provides its customers with services such as integrated debugging tools, locally hosted web testing, and geolocation testing, according to its website.
It has a user base of over 1.1 lakh in over 130 countries, and its clients include companies such as Newsela, Scholastic, Capgemini, Eureka, and Deloitte.
Deals in the SaaS segment
Investors have pumped in huge money in SaaS startups across all growth stages, with firms seeking to automate traditional processes and leverage frontier technologies such as artificial intelligence and deep learning to improve scale.
In September, for instance, image processing startup TerraView raised Rs 5.8 crore (around $824,000) in a Series A funding round from a clutch of investors including Flipkart co-founder Binny Bansal and chief executive officer Kalyan Krishnamurthy.
In the same month, enterprise human resources management platform Darwinbox raised $15 million in a Series B funding round led by venture capital firm Sequoia India. In August, Zenoti, a software provider to salons and spas, raised $20 million from alternative asset management firm Steadview Capital.