Two tech startups from Gujarat recently closed major funding rounds from venture capital firms.
Aavenir, a procurement automation startup that is headquartered jointly in Ahmedabad and Texas, raised $6 million (roughly Rs 45.7 crore) in its recently concluded Series A round of funding.
Jesal Mehta, founder, and CEO of Aavenir, said, “We have raised funds as part of the recently concluded Series A round from Accel, an American venture capital firm. ” We are looking at increasing our sales, expanding our sales team, and expanding our product footprint in India.”
With this fund, we are looking at expanding our product portfolio by adding vendor management offerings. “These products basically enable companies to form a vendor portal and automate the onboarding of vendors and the transactions associated with these vendors.”
The startup, which caters to clients in Western Europe, has by far raised a total of $8 million, including $2 million of funds as part of the seed round in April 2020. On the other hand, Canary Mail, based in Rajkot, raised $2 million (approximately Rs 25.25 crore) from Sequoia Capital, a venture capital firm focused on the technology sector.
The startup provides email security and end-to-end encryption for business mail in addition to other AI-backed security offerings. Sohel Sanghani, one of the founders of Canary Mail, said, “We are among the ten startups in India that have raised the fund from the venture capital firm and its co-investors.”
Published by – Kiruthiga K
Edited by – Kritika Kashyap