Software consulting startup Celebal Technologies on Wednesday raised $32 million (about Rs 261 crore) from Norwest Venture Partners in its first institutional fundraise round.
Norwest Venture Partners will pick a minority stake in the earlier bootstrapped firm following the fundraise, it said.
The Jaipur-headquartered firm will utilize the funds to deepen its presence in existing markets including North America, India and Asia Pacific region, while expanding footprint in new markets such as Europe, Middle East, and Japan. “Some of the funds would be utilized towards increasing delivery capacity and building industry focused solution accelerators,” the firm said in a press statement. However, the company does not plan to raise capital in the near term following this fundraise, it said.
“We are bullish on the growth of the digital technology services sector and offshore delivery. With a strong DNA of innovation-led culture and customer-centricity, backed by strong partnerships with Microsoft and Databricks, we are well-positioned to capitalize on new opportunities and serve our fast-growing roster of clients,” said Anirudh Kala, co-founder and chief executive officer of Celebal Technologies.
Founded in 2015 by Kala and Anupam Gupta, the company operates in the big data, data science and enterprise cloud space. As a partner to Microsoft and Databricks, the company offers differentiated services and accelerators on the Microsoft Azure and Databricks platforms offering services across various industries such as manufacturing, financial services, energy, CPG, retail and healthcare.
Avendus Capital acted as the financial adviser and Shardul Amarchand Mangaldas & Company served as the legal adviser to Celebal Technologies.