Funding Alert
$3.5 Mn raised by AI Startup Docsumo so as to expand its footprint in North America
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ByStartupStory | March 3, 2022
Docsumo, a Singapore-based AI startup, bagged $3.5 Mn in seed capital. The round had participations from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital, which was led by Common Ocean. Docsumo plans to utilise the fresh funds in order to expand its client base in the North American market and focuses on to grow the team.
Docsumo was founded in Jan 2019 by Sheth and Bikram Dahal. It helps enterprises capture, validate and analyse data from unstructured documents for automated decisions. Commercial lenders, insurers read financial statements, tax returns, insurance policies and other documents required for credit, insurance applications are overlooked and helped by the core technology platform.
According to its statement, In the past 12 months, Docsumo’s team has grown in Mumbai, India and Kathmandu, Nepal, states a statement. A 6X revenue increase has been experienced, says the startup. It has further been claimed that it would provide services to major enterprises in the US, EU, and Asia. It may also include Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and many others.
Previously, in 2020, the AI startup was a part of the Techstars London accelerator and has also raised Pre-Seed funding round from Barclays, Sequoia, Jiten Gupta of Jupiter Money, Amrish Rau of Pine Labs, among others. A rapid growth in India’s Artificial Intelligence (AI) market has also been noticed. “It is expected to reach $7.8 Bn by 2025 growing at a CAGR of 20.2%. It is expected to increase to a CAGR of 18.1% by 2025”, shows an International Data Corporation (IDC) report.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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