Tech99 Innovations Pvt Ltd, which owns digital credential management platform CertifyMe, on Tuesday said it has secured an undisclosed seed capital led by Callapina Capital.
The round included participation from Anas Rahman Junaid (Founder of Hurun India) and Vinod Jose (founding partner of Konglo Ventures), among others.
The company plans to deploy the fresh funds in expanding its range of software-as-a-service (SaaS) products in the digital credentials space, besides investments in venturing into new domains ranging from e-commerce, luxury to human resources technology.
Founded in 2021 by Ranjith Tharayil, CertifyMe offers an online end-to-end solution for creating, issuing and managing digital credentials. Their clients use the platform to award verifiable and sharable digital certificates and badges to their learners and employees.
It ensures seamless verification, increased brand visibility and assists the awardee in publishing one’s credentials across more than 50 social media sites.
“We started small during the pandemic and have grown to process more than 1,00,000 credentials and 5 million social media impressions in this short span. Today, the platform is used across the globe by 700+ enterprises in over 70 countries.
With a growing need for digital credentials and the market estimated to be close at USD 45 Billion by end of 2027, we are excited about the growth opportunity and the potential to consolidate our market leadership position," said Tharayil.
According to a Bain & Co. report released in December 2021, the Indian SaaS landscape is maturing rapidly, with the number of SaaS firms doubling, and more than 60 SaaS firms having scored Series C and above funding over the past five years.
The report added that investments in Indian SaaS rose to $4.5 billion in 2021, an increase of 170% from 2020, with growth driven primarily by an increase in over $50 million deals. Tiger Global and Sequoia Capital have been among the dominant investors in this segment.