Employee performance management platform Dockabl has raised $1.26 million (around Rs 8.73 crore at the current exchange rate) in a pre-Series A funding round from a clutch of investors.
Aditya Berlia of the Apeejay Group of Companies and Ritesh Malik of Guerilla Ventures invested in their personal capacity, Dockabl said in a statement.
Entrepreneur Sanjay Kapoor, Irrawaddy Towers Asset Holding co-founder and director Arun Kapur and other individual investors including Angad Singh Malhotra and Anita Belani also participated in the round.
Dockabl, which is operated by Gravitate Ventures Pvt. Ltd, said the money will be used to strengthen its product offerings. The startup is also aiming to expand its presence in markets across North America and Southeast Asia as well as launch a plug-and-play version of its product by 2020.
Founded by Samarth Masson and Sanjeev Grover, Dockabl operates on a software-as-a-service (SaaS) model. The startup says its real-time performance management system helps its clients improve their productivity as well as drive their performance. It assists with objective setting and tracking the execution of tasks.
Dockabl’s client roster includes PolicyBazaar, Tata Realty, Bajaj Capital and Hero HFL, among others.
Deals in the SaaS segment
Investor interest in the software-as-a-service segment has grown significantly in recent months as companies of all sizes look to automate as well as digitalise their client-facing and internal processes.
In May, online hiring firm Skillenza raised $1 million (around Rs 6.96 crore then) in a pre-Series A funding round led by CBA Capital’s Education Catalyst Fund.
Similarly, in February, intelligent fleet management and predictive analytics platform Fleetx.io raised an undisclosed amount in a pre-Series A round led by venture capital firm India Quotient and deal-making platform LetsVenture’s angel fund.