Hevo Data, Inc., a data integration platform launched by the co-founders of online meal delivery startup SpoonJoy, has raised $8 million (Rs 59 crore) in its Series A round of funding.
Singapore-based venture capital firm Qualgro led the funding round, Hevo Data said in a statement. Lachy Groom, a former executive at Stripe, came on board as an angel investor in this round.
Existing investors Chiratae Ventures and Surge, the startup accelerator platform of Sequoia Capital India, also participated.
San Francisco- and Bengaluru-based Hevo will use the capital to increase the number of integrations available on its platform, and hire sales and marketing teams in more countries, including the United States and Singapore.
Besides India, the company has clients in 15 markets, including the US, France, Australia and Hong Kong, and counts payments company Marqeta among its customers.
The company provides data as a product offering to consumer-centric companies for making data-driven decisions. The data pipeline allows clients to bring together data from various silos to any destination.
The startup was launched in 2017 by IIT alumni Manish Jethani and Sourabh Agarwal. Both had earlier co-founded meal delivery startup Spoonjoy, which was acquired by online grocery delivery firm Grofers.
“Hevo enables companies to eliminate data silos without having to set up an engineering team to build and maintain complex integrations with multiple systems,” said Jethani, CEO at Hevo.
Hevo Data was among the 12 Indian startups in the second cohort of Surge. It raised $4 million in a seed funding round from Surge and venture capital firm Chiratae Ventures last October.
“Hevo helps enterprises to fully capture the benefit of data flowing though the many databases and software they currently use,” said Qualgro managing partner Heang Chhor.
Deals in the SaaS space
The Series A bet on Hevo Data extends the positive run for startups functioning on a SaaS-based model. Companies in the segment are addressing gaps within traditional ecosystems and introduce new products and services.
In April, a private equity fund managed by Tata Capital Ltd, the financial services arm of Tata Group, invested $5 million in Indusface Consulting Pvt. Ltd, an application security-focussed software-as-a-service company.
The same month, Aavenir Software Pvt. Ltd, a source-to-pay solutions provider raised around Rs 15.22 crore in a seed funding round from Accel India.
Business-to-business e-commerce startup Udaan in February invested around Rs 14 crore in restaurant management platform PetPooja. The same month, fleet management and analytics startup raised about Rs 20 crore in a Series A round led by the Singapore-based Beenext Opportunity Fund.