India- and US-based Vymo, an app that helps field sales teams manage their work more efficiently, has raised $18 million (Rs 124 crore) in a Series B funding round from venture capital firm Emergence Capital.
The investment will fuel company’s official US launch with headquarter in New York. It will also drive continued growth in global markets, Vymo said in a statement.
Existing investor Sequoia Capital India also participated in the round, it added.
US-based Emergence Capital focuses on enterprise cloud ventures and has previously invested in leading software-as-a-service companies such as Salesforce.
Emergence Capital partner Jake Saper said the firm was confident about its investment in Vymo as the latter has high user metrics and base.
Sequoia Capital managing director Shailesh Lakhani said Vymo was rapidly being adopted by mobile-first workers at large global enterprises. “Vymo is uniquely positioned to become the standard by which sales and distribution is run in these institutions,” he added.
The company, which operates as Vymo Inc. in the US and Vymo Solutions Pvt. Ltd, was set up in 2013 by Yamini Bhat and Venkat Malladi.
In 2016, it had raised $5 million in its Series A round from Sequoia for expansion and strengthening its research and development.
The startup claims that its platform is used by over 1 lakh salespersons from more than 50 global enterprises. It says over 80% of its customers are in the financial services sector, including companies such as insurers AIA and AXA. The company has offices in India, Singapore, Japan and Australia.