Homegrown file storage and sharing platform Digiboxx has raised an undisclosed sum led by CapGro Pvt Ltd in its pre-Series A funding round at $15 million valuation, the company said in a statement on Monday.
The company will use the funds for product development, deeper penetration into its current markets, scaling operations, expanding its team and enhancing its technology platform. It will also use the investment to scale up its core engineering efforts to support customer demand. Digiboxx, founded in 2020, claims to have more 1 million users on its platform, the statement said.
“We are working with multiple Indian data centres to assure that data is being sorted within the country’s borders. With this fund infusion, we are looking to further expand the company’s research and development (R&D) capabilities and hire the right talent,” said Arnab Mitra, Chief Executive Officer, Digiboxx.
The cloud storage platform was launched by Amitabh Kant, Chief Executive Officer, NITI Aayog, and enables individuals and small medium enterprises (SMEs) to store personal and work data. Digiboxx is optimised for all devices and has access to the internet across all bandwidths in different parts of the country. The platform said it supports eight regional languages and plans to launch more soon, the statement said.
“We are keen to provide resources and support to help the company further build and refine its unique product strategy and market position,” said Nitin Narang, Director, CapGro Pvt Ltd.
Fundraises by cloud computing companies have gone up lately in India, as demand for companies providing cloud computing solutions such as Software-as-a-System (SaaS) has gone up. Last week, Pune-based Zestl Software Pvt. Ltd, which operates an enterprise SaaS platform for automated workflows called Zvolv, raised $1.5 million from technology-focused venture capital (VC) fund JSW Ventures and Silicon Valley-based VC fund Riso Capital. In the same week, CoreStack, a cloud governance and compliance SaaS startup, raised $30 million as part of its Series B funding round led by technology focused private equity firm Avatar Growth Capital.