The corporate has raised $575Okay in a seed spherical from RedBus’s Phanindra Sama and Fynd’s Farooq Adam
It had raised a pre-seed spherical from First Cheque and Axilor Ventures earlier this yr
Launched in June this yr, Kaagaz Scanner has reached 1.9 Mn downloads up to now
Indian doc scanning and file storage app Kaagaz Scanner has raised $575Okay in a seed funding spherical led by Pravega Ventures. Former Infosys vice-chairman Kris Gopalakrishnan’s Axilor Ventures and Higher Capital additionally participated within the spherical, together with a couple of outstanding angel buyers reminiscent of redBus founder Phanindra Sama and Fynd cofounder Farooq Adam.
The corporate plans to make use of the funding to speed up the expansion of Kaagaz Scanner and improve its workforce measurement to hurry up product growth. “Along with the app, we are also looking to build a suite of AI-powered utility tools for our users that will help them manage their day-to-day tasks seamlessly,” Kaagaz Scanner’s cofounder Snehanshu Gandhi stated.
In accordance with official filings accessed by Inc42, the corporate has raised the quantity from 10 buyers in change for 4,571 Sequence Seed Choice Shares and 10 fairness shares. Pravega Ventures Belief and Axilor Know-how Fund I’ve pumped in $534Okay (INR 3.94 Cr).
Whereas Pravega Ventures Belief purchased 3801 desire shares and 10 fairness shares, Axilor Know-how purchased 367 desire shares. Notably, the corporate had raised an undisclosed quantity in a pre-seed spherical from First Cheque and Axilor Ventures.
Commenting on the deal, Pravega Ventures stated, “Today a smartphone is at the epicenter of most of our personal and business exchanges and we at Pravega are very excited to partner with the Kaagaz team as they build out powerful AI-based utility products for the ‘Bharat’ users.”
The funding agency additionally famous that the Kaagaz Scanner workforce goals to leverage their proprietary smartphone-based doc scanner and create a repository of paperwork in an effort to develop into a key node within the “exchange and storage of information” for his or her customers.
Though Kaagaz Scanner was launched earlier in June this yr, it has managed to hit over 1.9 Mn downloads in a brief span of 5 months. The corporate claims that over 90Okay customers use the app day-after-day and greater than 50 Mn pages have been scanned utilizing the Kaagaz Scanner app up to now.
The expansion of Kaagaz Scanner was additionally accelerated by the ban of its CamScanner as a consequence of its Chinese language origin. CamScanner thought-about India as one in every of its largest markets and had greater than 100 Mn customers within the nation. However with India coming down closely on Chinese language apps, this market is now out of attain, permitting Indian options the chance to capitalise on the gaps.