Skill-development platform Disprz raised $13 million (around Rs 96 crores) in a Series B funding round led by Dallas Venture Capital and Mars Growth Capital. Other investors who participated in this round include Go1 (an Australian unicorn), Tara India Fund IV being managed by KOIS, Auctus Capital (Family office of Vikas Phadnis, Co-Founder of Eurokids) and Kae Capital, the company said in a statement on Thursday.
Unitus Capital acted as the financial advisor to the company for this transaction.
Founded in 2015 by Subramanian Viswanathan, an alumnus of IIT-Madras, ISB and McKinsey and Kuljit Chadha, Disprz operates on a software-as-a-service (SaaS) model, and offers an employee development and engagement platform for enterprises.
According to the statement, the company serves over 1.2 million users, and has a customer base that includes Wellness Forever, More Retail, Times Internet, Motilal Oswal Financial Services, Godrej Storage Solutions, and others.
The company plans to utilise the funds to scale up its product and engineering teams, establish a sales and marketing division in the US, expand its presence in South-east Asia and the Middle East markets, and invest in building industry-specific product solutions. By 2025, the startup aims to achieve the vision of reaching a topline of $100 million across the globe.
"Dallas Venture Capital’s (DVC) founding teams are former founders who have scaled and exited startups and their understanding of the SaaS space, coupled with their strong network in the US, make them a perfect partner for Disprz as we look to establish ourselves in developed markets, particularly the US,” said Viswanathan.
DVC is a Hyderabad, India & Dallas/Irving, US-based venture capital company that invests in early-stage enterprise business-to-business (B2B) software companies and entrepreneurs looking to partner with investors, the statement said. "The pandemic has also acted as a catalyst to the rapidly-growing skills-tech market", said Gokul Dixit, venture partner at Dallas Venture Capital.
Last year, Disprz raised around Rs 12.4 crore ($1.7 million) in a pre-Series B round from early-stage investment firm Auctus Capital, as well as existing investors Kae capital and XSeed, among others.
In 2018, the platform raised $2.5 million (around Rs 16.5 crore) in a Series A round of funding from IL&FS Private Equity and existing investor Kae Capital.
The company claims in a statement that it has doubled its revenue year-on-year, and calendar year 2021 has seen them grow by 150%.