Software-as-a-service (SaaS) firm Crest on Wednesday said that it has raised pre-seed funding of $800,000 (Rs 6.6 crore) co-led by Indian Angel Network and Inflection Point Ventures.
The round also saw participation from Faad network and a host of angel investors including Sahil Barua and Kapil Bharati (Delhivery), Saahil Goel, Gautam Kapoor, Vishesh Khurana and Akshay Ghulati (Shiprocket), among others.
The Bengaluru-based startup will deploy the fresh capital for product development and scaling up its operations.
Founded by Rahul Vishwakarma, Akhil Kumar and Yogesh Byahatti last year, Crest helps direct-to-customer (D2C) and small and medium businesses (SMBs) in eliminating stockouts.
The platform uses artificial intelligence (AI) and machine learning (ML) tools to predict demand, automate purchase planning and distribution planning.
“Crest has improved serviceability, reduced out-of-stock situations and automated supply chain operations. Notable customers include Samosa Party, Wow Skin, Swiss Beauty, Pro Nature and Sleepwell, among others,” said Vishwakarma.
Launched in 2006, early-stage venture capital firm Indian Angel Network has made this latest bet through its angel network.
Till date, the firm has invested Rs 900 crore in more than 200 companies across sectors like SaaS, direct-to-consumer (D2C) and fintech, among others.
Last year, IAN invested $10 million (around Rs 85 crore) in 52 companies with an average investment amount of Rs 25 lakh to Rs 50 crore.
The firm counts Druva, Spinny, Box8, Uniphore, Wow! Momo and Fareye amongst others as part of its portfolio.
Meanwhile, the SaaS sector has seen several early-stage deals this year.
On Tuesday, Bengaluru-based SaaS startup Scrut Automatic raised $7.5 million in a strategic funding round led by MassMutual Ventures.
In another instance, SaaS presentation platform Chronicle raised $7.5 million in a seed funding round co-led by Accel and Square Peg.