Hyderabad-based NowFloats Technologies, which helps local businesses create and manage SEO optimized websites, has raised $10 million in a Series B round of funding from multiple investors including Iron Pillar and IIFL, along with Blume Ventures and Omidyar Network, according to a press statement.
IIFL has routed the investment in the latest round through Seed Ventures Fund I & Cash Opportunities Fund, the statement added.
The funds will be used by NowFloats to further improve the new technology stack that drives customer support, and to increase the value proposition of the technology provided to SMEs. The firm also aims to target tier I, II and III regions for expansion.
“We at NowFloats want to re-define the market for business websites, where the business owners only have to worry about the content on the website, and the technology takes care of other aspects like design, performance, discovery (SEO), marketing (SEM), enabling transactions (payment gateway) and customer/lead management, etc,” said Neeraj Sabharwal, Co-founder, NowFloats.
“We are investing in creating a product that would be one day used by all the SMEs across the globe, and built out of India,” Sabharwal added.
NowFloats was founded by Nitin Jain, Jasminder Singh Gulati, Ronak Kumar Samantray, and Sabharwal in 2012. The platform claims to register over 11 million unique visitors a month, and boasts of 474,000 unprompted SKUs in its credit.
“We love working closely with this high energy team, and are eager to help them specifically in structuring and focusing sales efforts, growth initiatives in the next few years, and improving pre-identified key business metrics. We also look forward to help building the business meaningfully beyond India through Iron Pillar’s networks, especially in Asia Pacific and the US,” Anand Prasanna, Managing Partner, Iron Pillar, said.
Last year in July, NowFloats had acquired Bengaluru-based Hatchery Software Pvt. Ltd which runs chat messaging start-up Lookup for an undisclosed amount.