InFeedo Tech Inc., which operates a people analytics-focussed software-as-a-service company, has raised $3.2 million (Rs 23.91 crore at current exchange rates) in funding.
The round in the New York- and Gurugram-based inFeedo was led by the San Francisco-based Bling Capital, a seed-stage-focussed venture fund that was founded by former Khosla Ventures general partner Benjamin Ling.
Other participants in this round include Freshworks founder Girish Mathrubootham, Citibank Asia Pacific managing director Simon Yoo, OYO chief strategy officer Maninder Gulati and Munish Varma, managing partner for Europe, Middle East, Africa and Asia at SoftBank Vision Fund.
inFeedo says this capital infusion has also allowed partial exits worth $1.1 million to early investors in the company and former employees. It did not disclose the identities of these investors.
This fundraise comes after inFeedo in August raised $700,000 in funding from a clutch of investors including startup accelerator Y Combinator, Innov8 founder Ritesh Malik and Lenskart chief executive officer Peyush Bansal.
The company was set up by Tanmaya Jain. It 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.
“We are already cash-flow positive and growing fast but 2020 taught me the importance of building a war chest and a team of A-players that can help you stand out even during a crisis,” Jain said.
It will use the capital it has raised to hire talent across leadership roles in its engineering, product, and marketing teams. It is also looking to expand its customer base in the Asia-Pacific region and achieve $10 million in revenue.
“The timing couldn’t have been better from a market perspective — employers are looking for ways to better connect with and empower their employees,” Ling said.
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.
That infusion of capital came after inFeedo in September 2016 raised $150,000 in angel funding led by Redcliffe Capital’s Jain and Palash Jain, former head of Google India’s core operations.