India: Avataar Ventures leads $22m funding in SaaS startup Appnomic

Photo: Reuters

Bengaluru and California-based Appnomic, a provider of self-healing technology for enterprises, on Wednesday announced that it has raised $22 million in funding led by Avataar Ventures.

Concurrently, Appnomic has also announced the appointment of industry veteran Nitin Kumar as its new Chief Executive Officer (CEO). Kumar has previously held leadership roles at companies including HP, Deloitte, PwC, and FTI, the company said in statement.

The company has also named Cuneyt Buyukbezci as the chief marketing officer (CMO) and Girish Muckai as chief risk officer (CRO). D. Padmanabhan, the former CEO and founder, will be still active in an operating role as the Chairman, it said.

Mohan Kumar, Managing Partner at Avataar Ventures, said the funds will allow Appnomic to expand its global presence and market reach to enable autonomous business operations.

“Businesses are looking for providing better customer experiences, less downtime, and cost savings. Organizations integrating self-healing systems have a competitive advantage over those that do not. Appnomic has multiple patents in the self-healing domain and continues to innovate in this arena. The new team and I have great plans to scale this business in 2020,” Kumar said.

The software solution offered by Appnomic enables over 40 customers to prevent more than 250,000 severe incidents a year, it claimed.

Avataar Ventures is a $300-million venture capital growth fund floated this year by former Norwest Venture Partners (NVP) executive Mohan Kumar, others. The fund is focused on making $10-30 million growth-stage investments in companies that have at least $15 million of annual recurring revenues and are looking to scale globally.

The fund also own stakes in other B2B, SaaS companies, including Capillary, CRMNext, ElasticRun, Manthan and Zenoti.

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.