Contract execution platform Doqfy and online fruits and vegetables delivery startup Sorted have raised early-stage capital, the companies said.
Software-as-a-service (SaaS)-based contract execution firm Doqfy has raised $907,352 (around Rs 7.5 crore) in a pre-Series A funding round co-led by Turbostart and Pentathlon Ventures.
The round also saw participation from Lead Angels, SilverNeedle Ventures, LetsVenture and Angel.co.
The Bengaluru-based company will use the fresh funds to boost its tech stack and growth via partnerships.
Founded by Aditya Padranki, Manjula Rao and Vilaas BV in 2019, Doqfy helps companies in contract creation, stamp duty payment with digital signatures and milestone management capabilities for enterprise and small and medium businesses.
The company claims to have been profitable since last year and has clocked annual recurring revenue (ARR) of Rs 6 crore. It counts HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Swiggy, Meesho and Unacademy among others, as part of its client portfolio.
“Compliances are one of the major cost heads for companies and the costs go up as the companies grow. Another aspect is the complex nature of the compliances. Our platform, is now a full stack offering helping companies stay compliant and easing the burden of it to facilitate business operations.” said Padranki.
In 2020, Doqfy raised Rs 2.10 crore in a seed funding round from Turbostart and angel investor Sandhya D.
Pune-based Pentathlon Ventures is an early-stage business-to-business (B2B) SaaS-focused venture capital firm. In 2021, the firm closed its first fund at Rs 76 crore and planned on investing in 20 startups with an average ticket size of Rs 75 lakh to Rs 3 crore in each firm.
Meanwhile, this is the second startup in the contract management space to have secured funding this month. Earlier, Bengaluru and New York-based contract lifecycle management firm SpotDraft had raised $26 million in a Series A funding round led by PremjiInvest, the private investment vehicle of Wipro founder-chairman Azim Premji.
The round also saw participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, 100x Entrepreneur Fund and a clutch of angel investors.
Gurugram-based online fruits and vegetables delivery startup Sorted has raised $5 million (around Rs 41.31 crore) as a part of its seed funding exercise.
The round saw participation from a host of investors including Beenext, White Venture Capital and Titan Capital among others.
The fresh funds will be used to scale up technology stack, hiring and setting up regional and national supply chains for the fruits and vegetables.
Founded by Anant Goel, Nitin Gupta and Sahil Madan, Sorted is an omnichannel platform for the delivery of quality fruits and vegetables that undertakes such deliveries through its platform along with its franchisee network of existing local neighborhood stores.
Goel said that Sorted is not attempting to change the way India buys fruits and vegetables, rather it is plugging the inefficiencies in the existing supply chains.
