SaaS startup Zvolv raises $1.5 mn from JSW Ventures, Riso Capital
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Pune-based Zestl Software Pvt. Ltd, which operates an enterprise SaaS (software-as-a-service) platform for automated workflows called Zvolv, has raised $1.5 million from technology-focused venture capital (VC) fund JSW Ventures and Silicon Valley-based VC fund Riso Capital, the company said in a statement on Monday.

Zvolv plans to use the funds to expand its customer base globally, enhance its artificial intelligence and machine learning technologies on its platform and develop its business process management technology, as more companies are giving their employees an option to work remotely post the pandemic, the statement said.

“More and more enterprises are switching to no-code and low-code development platforms to dramatically increase application delivery speed. Combined with the increased demand for custom applications and data-centric solutions, business and IT teams within enterprises are increasingly turning to Zvolv. We continue our maniacal focus on driving value for customers as we scale globally now,” said Hardik Gandhi, Co-founder, Chief Executive Officer, Zvolv.    

Zvolv is a workflow automation platform that helps large enterprises quickly create automated solutions for people-centric and data-centric processes. The platform enables enterprises and companies across sectors such as retail, banking, financial services and insurance (BFSI), consumer-packaged goods, engineering and construction industries, build workflows and deliver end-to-end automation of their processes, the statement said.

Without the need of a software developer, the company’s solutions identify the steps in a business process and translate them into projects and tasks with built-in forms, notifications, escalations and more, according to the firm’s website. The platform enables enterprises to build and deploy applications and automate processes through its intuitive drag-and-drop interface, in-depth analysis and reporting, and artificial intelligence technologies, the statement said.

Launched in 2018, Zvolv counts companies like the Tata Group, Aditya Birla Group, Accenture, KPMG, Dominos, Swiggy and Lenskart among its clients.   

In December 2018, the company raised an undisclosed amount in a pre-Series A round led by Mumbai-based Lead Angels Network, Eagle10 Ventures (a group of entrepreneurs and industry veterans) and Contrarian Vriddhi Fund, the maiden angel fund of social-impact investor Contrarian Drishti Partners.  

JSW Venture’s investment in Zvolv adds to its portfolio of technology startups such as Homelane, Purplle, IndusOs, and HealthPix among others. The early-stage institutional VC fund, sponsored by promoters the JSW Group, has been investing in technology companies since 2016.    

“Zvolv’s intelligent no-code platform is creating immense value for their customers. In this increasingly digital environment, we are seeing accelerated demand for platforms like Zvolv that empower businesses to rapidly design and implement secure applications,” said Sachin Tagra, partner, JSW Ventures.    

Meanwhile, Riso Capital in October had invested in another SaaS startup SupplyNote in a pre-Series A funding round.

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