India: Sequoia-backed Hevo nabs $8m in Series A funding

The Sequoia Capital Logo is displayed on an iPhone screen. Photo: DEALSTREETASIA

Data platform for enterprises Hevo has raised $8 million as a part of its Series A funding round, led by Singapore-based venture capital firm Qualgro along with Lachy Groom, a former executive of global online payments firm Stripe.

Existing Investors Chiratae Ventures and Sequoia Capital’s accelerator programme Surge also participated in this round.

The funds will be used to accelerate Hevo’s global expansion and will expand its team across functions of technology, sales, and marketing.

The three year old startup, started by IIT alumni, Manish Jethani and Sourabh Agarwal, offers a software-as-a service (SaaS) platform to connect to multiple sources of data across the company, helping clients to streamline their analytics and leverage data to make business decisions.

“Adoption of SaaS-based software is rapidly growing in companies of all sizes, but increasingly, the adoption of different applications across departments such as Sales, Marketing, Operations, Finance, and Support creates data silos as these applications don’t talk to each other. Even small to medium-sized companies use more than 40 different SaaS applications and these data silos prevent them from seeing a full picture of their customers’ journey,” said Jethani.

With offices in San Francisco and Bengaluru, Hevo currently has customers in the United States, India, France, Australia, Hong Kong, as well as in 15 other countries.

“Hevo’s founders are the type of globally-minded entrepreneurs that we like to support. They provide a truly innovative solution for extracting and transforming data across multiple data sources – in real-time with full automation. This helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use.” said Heang Chhor, Managing Partner of Qualgro.

Earlier in October, last year, Hevo had also raised $4 million as a part of its seed funding round led by Sequoia Capital’s Surge and Chiratae Ventures.

This article was first published on livemint.com.

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.