Vajro Raises $8.5 Million to Assist Ecommerce Stores in Developing Mobile Apps
- ByStartupStory | January 26, 2022
Vajro, a Chennai-based no-code mobile app development platform, has raised $8.5 million in Series A funding from Five Elms Capital in the United States.
Five Elms Capital is a growth equity firm based in Kansas that invests in fast-growing B2B software companies.
The funds will be used to expand the startup’s platform’s functionality and features. The investment will also be used to help the startup gain a stronger foothold in the market and attract new users.
“Vajro will use its Series A funding to develop its next generation platform with new features and flexibility, as well as to build integrations with other ecommerce platforms such as WooCommerce, Magento, and others in order to expand its reach even further,” said Vajro CEO Baskar Agneeswaran, echoing the sentiment.
“We have attracted new investors because, unlike others, Vajro is a platform built on technologies native to both Android and iOS,” Ecommerce merchants can also make changes on the fly without having to update the app every time.” Niwin Santhosh, Vajro’s COO, added.
Baskar Agneeswaran, Niwin Santhosh, and Raghuraman Ramamurthy founded the mobile app company in 2018. Vajro is a platform that enables ecommerce businesses to create their own Android and iOS apps without writing a single line of code.
“Most ecommerce stores are optimised for desktop web traffic, while 80 percent of traffic comes from mobile devices,” said Daniel Bjornson of Five Elms Capital. Vajro solves this issue by quickly and effectively reducing the friction of traditional mobile commerce. Our partnership will enable the team to keep investing in the product and increase mobile sales for their clients.”
Despite the fact that the pandemic has affected businesses all over the world, the global mobile development market is still thriving. By 2027, the sector is expected to generate $44.3 trillion in revenue. By 2025, the global low-code development platform market is expected to reach $45.5 billion. According to another report, India’s MADP market could reach $14 billion by 2023, with a CAGR of 22%.
The company claims to have 2200 customers in 150 countries. Vajro is used by many Indian D2C brands, including Earth Rhythm, AndMe, Prashanti Sarees, and House of Masaba, to name a few.
In this highly competitive sector, Vajro competes against big players like Zoho Creator.
Consumer demand has exploded as a result of the pandemic, resulting in the emergence of a slew of new age direct-to-consumer brands. Over 50,000 digital-first brands and over 15 million active online sellers can be found in India today. As a result, startups like Vajro, which simplify the app development process, have a huge opportunity. Furthermore, the investment provides the startup with a fantastic opportunity to grow and expand its footprint across the country.
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