Pactora Inc., which operates the managed services provider-focussed sales solutions platform Zomentum, has raised $4.1 million (about Rs 30.73 crore at current exchange rates) in seed funding, according to reports.
The US- and Hyderabad-based company secured the funding from marquee venture capital firms Accel and SAIF Partners, The Economic Times reported.
The company will use the capital to develop its sales teams to service locations outside of North American markets. It will also build out its technological infrastructure and add more tools for its clients.
“What we’re building is a tool for IT (information technology) partners to be able to deliver modern cloud solutions in the most efficient way,” co-founder Shruti Ghatge said in the report.
Accel partner Shekhar Kirani said the firm was confident of its investment because of Zomentum’s focus on the information technology sector.
Zomentum was founded by Ghatge and Rahil Shah in 2018, and launched its first product at the start of the year. According to its website, the company helps IT clients drive sales pitches and drives, automate repetitive processes and grow company revenue.
VCCircle has reached out to Zomentum on the details of this funding round and will update this report accordingly.
The company claims its business has grown by 45% on a month-on-month basis since January, with customers in markets such as the US, Australia, New Zealand and Belgium.
Investors
Accel typically comes in at a seed stage and then keeps on making follow-on investments. It has made many winning bets, including on Flipkart, which was acquired by US retail giant Walmart at a valuation of over $21 billion in 2018.
In December last year, the firm raised $550 million (Rs 3,942 crore) under a new fund to make seed and early-stage investments in Indian startups. The new fund came three years after its fifth fund where it had raised $450 million.
More recently, Accel has invested in companies such as business-to-business manufacturing services marketplace Zetwerk and the software-as-a-service-based source-to-pay solutions provider Aavenir.
SAIF Partners is a stage- and sector-agnostic firm that has offices in countries including Hong Kong, India and China. The firm says that it has funded over 100 companies and that it has $3 billion in assets under management.
Earlier this month, reports suggested that regional language social media platform ShareChat was looking to raise $200 million from existing investors including SAIF, Lightspeed Venture Partners and microblogging platform Twitter.
Last month, SAIF and India Quotient led a $2.72 million pre-Series C funding round in High Street Essentials Pvt. Ltd, which operates fashion brands including FabAlley and Indya.