Lio, a software as a service (SaaS) company, said it has raised $5 million (around Rs 36.5 crore) in seed funding led by Sequoia Capital India and Lightspeed India.
The company said it will use the investment primarily to expand the engineering team and increase the number of users of the mobile app.
Launched in 2020, Lio helps its users organise their data efficiently on mobile phones. It is used for a variety of tabulation, calculation, and organising needs, such as organising to-do lists, class schedules, or wedding registries.
Lio said it has built the product in stealth mode and has announced the fundraise after strong growth and adoption over the past six months.
Since the launch, the product has crossed one million downloads on the App Store within nine months. In July 2021, the app was also launched in Indonesia. Currently, the app is available in 10 Indian languages and Bahasa Indonesia.
“With this investment, we aim to scale up the engineering and product team at Lio. We are proud to be a first-of-a-kind platform that enables mobile-first users to be a smarter version of themselves leveraging the data templates created by other users in their community, which makes Lio progressively better for every successive user,” said Anurag Vijayvergia, co-founder and product chief of Lio.
The company had previously raised an angel round in March 2021 from persons including Aakrit Vaish, Anupam Mittal, Ashish Hemrajani, and Gaurav Munjal.
Others include Haresh Chawla, Kunal Bahl, Kunal Shah, Maninder Gulati, Miten Sampat, Prakshit Dar, Rohit Bansal, Roman Saini, Sachin Bhatia, and Siddharth Rao.