India: NowFloats Technologies gets $10m funding from Iron Pillar, IIFL, others

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.

Omidyar Network had also participated in the startup’s series A funding round along with Blume Ventures, Mumbai Angels and Hyderabad Angels in February 2015.

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.

Also Read: India: NowFloats acquires chat messaging startup Lookup in a cash-equity deal

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.