Software company Kuliza Technologies Pvt. Ltd has raised venture funding from a US investor, almost six years after it first mopped up institutional capital from Blume Ventures in 2013.
Kuliza has raised $3 million (Rs 20.8 crore) from Silicon Valley-headquartered venture capital firm Emergent Ventures, the company said in a statement.
The company will use the funds to fuel its research and development for its flagship product Lend.in that was launched in 2017. The product helps banks and lending institutions boost efficiency and reduce the cost for customers.
Kuliza, which was founded in 2006 by Aparna Sharma and Kaushal Sarda, provides digital transformation and operational intelligence solutions for financial enterprises. The company said financial enterprises have processed loans worth $1 billion by using Lend.In.
Gaurav Jain, chief technology officer, Kuliza, said the company will focus on advancing towards a no-code platform for financial enterprises that will help its clients develop software quickly without coding.
“At Emergent Ventures, we are always looking for entrepreneurs who are on a rapid trajectory of personal growth, which in turn sets up their companies for sustained growth," said Ankur Jain, founder and partner, Emergent Ventures. “We see great potential in Kuliza which has established a strong foundation for rapid and sustainable growth. Their products are driving significant value for their customers and Kuliza is capturing market share from incumbents.”
Kuliza had raised an undisclosed amount in funding from Blume Ventures for global expansion and marketing in August 2013. The next month, Kuliza acquired social marketing platform Adepto, also backed by Blume Ventures, for an undisclosed amount.
Emergent Ventures is an early-stage venture capital firm that invests in IT companies, particularly enterprise technology companies focused on IT infrastructure, data management, security and business applications, its website shows. The firm backs startups in Silicon Valley and India and invests from the seed stage till the Series A round.
The venture firm has also invested in California-headquartered Observe.ai, which also a technology team in Bengaluru, and Minjar Cloud Solutions Pvt. Ltd, which operates a cloud computing platform. Minjar was acquired by Nutanix last year.