inFeedo Tech Inc., an employee experience platform, on Tuesday said it has raised $12 million (Rs 76.5 crore) as part of its Series A funding led by Jungle Ventures.
New investor Tiger Global and existing investors including Bling Capital also participated in the round, said inFeedo in a statement.
Other investors who were part of the fundraise include top chief human resource officers (CHROs) and founders like Bhavin Turakhia (Founder Zeta), Sreedhar Peddineni (Co-Founder Gainsight), Suman Gopalan (CHRO Freshworks) and Ankur Warikoo, it added.
In less than 18 months, the company has tripled its valuation, it said without specifying the details.
Tanmaya Jain, Founder and CEO of inFeedo, told VCCircle that the fresh capital will go into hiring across product, engineering marketing and sales teams as well as to make local hires in Southeast Asia and North America.
Part of the funds will also be deployed for product innovation.
In Southeast Asia, the company has presence in Singapore, Malaysia, Indonesia and the Philippines.
"Historically, Southeast Asia has been a challenging region due to the wide differences in the cultural contexts of Asian businesses, but inFeedo’s AI bot, Amber, can have intelligent conversations with employees in 100 plus languages making it easy to build personalized experiences," the statement said.
Founded in 2016 by Jain and Varun Puri, the startup operates employee experience chatbot Amber, which helps human resources departments measure several data points. These include analytics on employee engagement, individual employee and organisational sentiment, attrition prediction and insights on company culture.
The idea of the startup stemmed from the belief that most employees have subconsciously accepted that Monday mornings are terrible. "So, we wanted to build a platform that puts employees first," said Jain.
inFeedo counts both traditional and new age companies as its clients such as Samsung, Xiaomi, Lenovo, Tata group, Godrej, Bharti, Unacademy, Paytm and OYO.
"We have noticed that Amber works like magic in companies having upwards of 1000 employees but we serve companies with 100 plus employees also," Jain added.
He further said that the company has scheduled its second employee stock ownership plan (ESOP) buyback for all employees in the next April-June quarter. It has over 100 employees.
Arpit Beri, Principal at Jungle Ventures, noted that the relationship between employees and companies is changing radically and this has made leaders rethink their approach to their talent.
"The kind of encouraging on-ground feedback we received from all stakeholders, be it the customers, the competitors or even the ex-employees make us extremely excited to partner with inFeedo, as they set out to redefine employee engagement for global enterprises," added Beri.
Earlier in 2020, inFeedo had raised funding from Y Combinator, Girish Mathrubootham (CEO Freshworks), Peyush Bansal (CEO Lenskart) and Ritesh Malik (Founder innov8). The startup has raised $16 million since its inception.
In December 2016, inFeedo had raised $200,000 led by Dheeraj Jain, managing partner at UK-based hedge fund Redcliffe Capital and Anupam Mittal, Founder and Chief Executive of People Group.
