Toppeq Tech Pvt. Ltd, a startup that provides equity and investment management services, has raised an undisclosed sum as part of its seed funding round.
Participants in this exercise include Vaillant Capital Partners, a Mumbai-based firm set up by Ranveer Sharma, the former managing director and India head of the United Kingdom-based Eredene Capital Plc.
Former Paytm board member Kunal Bajaj also took part in this seed round, Mumbai-based Toppeq said in a statement.
The company was set up in November last year by Nandini Sankar. According to her LinkedIn profile, Sankar is an alumnus of the University of Rochester. Prior to setting up Toppeq, she served as the managing director of the Asia-Pacific region for SS&C GlobeOp, a US-based multinational fund administrator.
She also previously set up OkGita, which focussed on creating pension plan schemes for domestic workers.
Toppeq says it operates on a software-as-a-service basis and uses its platform to present investors and startups with real-time information on aspects such as cap table management, scenario modelling, due diligence, valuation, cash-flow management and shareholder rights.
Sankar said the firm will use the capital it has raised to expand its footprint in India and the United States. Apart from Mumbai, Toppeq also maintains offices in Bengaluru and New York.
“Toppeq is building a world-class institutional platform for the global investment and startup community, led by a first-class professional team with longstanding experience in the industry. We foresee a huge potential in the private markets space,” Sharma said.
Deals in the SaaS space
The investment in Toppeq is the latest example of a startup operating on the SaaS model raising funds.
Last month, the people analytics-focussed InFeedo Tech Inc. raised $3.2 million (around Rs 23.91 crore) in a round led by the San Francisco-based Bling Capital. Freshworks founder Girish Mathrubootham and Citibank Asia Pacific managing director Simon Yoo also participated.
Also last month, client lifecycle firm Clientjoy raised $800,000 in a pre-Series A round from GVFL Ltd (formerly Gujarat Venture Finance Ltd).
In October, supply chain automation platform Supplynote raised $600,000 in a bridge funding round from a clutch of investors including the US-based SOSV and Australia’s Artesian Ventures.