The Co-Founders of Spoonjoy, online meal delivery which was later acquired by online grocery delivery firm Grofers set up the Hevo Data Inc., a data integration platform received $8 million (Rs 59 crore) in its Series A round of funding.
The Series A funding round was led by Singapore-based venture capital firm Qualgro. An angel investor who joined the board of funding round- Lachy Groom, a former executive at Stripe and also Existing investors Chiratae Ventures and Surge also contributed in accelerating the Series A funding round for Hevo Data Inc.
Hevo Data Inc.
Hevo Data Inc in 2017 was founded by two IIT Roorkee alumni Sourabh Agarwal https://www.linkedin.com/in/sourabhagrawal09/ and Manish Jethani https://www.linkedin.com/in/manishjethani/
The Hevo Data Inc. startup was set up after Spoonjoy, an online platform for meal delivery started by the same co-founders of Hevo Data was acquired in 2016 by Grofers.
“Hevo Data aims to provide a platform that helps companies understand their users and customers better. Using Hevo services, companies can build a 360-degree view of their customers by combining data from multiple disparate data sources and applications including sales CRM, advertising channels, marketing tech, financial system software, and customer support products” read the official website of Hevo Data.
Hevo Data services are mainly oriented for providing products and data to consumer-centric companies for making data-driven decisions.
“Hevo enables companies to eliminate data silos without having to set up an engineering team to build and maintain complex integrations with multiple systems,” explained Manish Jethani, CEO and co-founder.
Hevo Data is one of the most successful startups in India as it tops in the 12 Indian startups in the second cohort of Surge. This achievement helped the company is raising a fund of around $4 million in a seed funding round from Surge and venture capital firm Chiratae Ventures in October 2019.
The funding raised in Series A round of $8 million from Qualgro and other investors will be primarily used to increase integration platforms reach of the company and to expand the size of the workforce including marketing team and hire sales to increase the marketing operations and reach of Hevo Data.
The company’s service is not only confined to India but has also spread the reach of the clients in 15 other markets of the world including in including the US, France, Australia and Hong Kong.
“Hevo helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use,” Qualgro shows faith in the investment it made in Hevo Data.