Akrivia HCM Aims for Profitability by July and Targets $30 Million in Series A Fundraising
- ByStartupStory | February 16, 2023
Akrivia Automation, located in Visakhapatnam, aims to attain profitability for its human management software business unit within a year of its launch, and before it approaches investors to secure a minimum of $30 million in Series A funding by July.
According to Rahul Varma Kalidindi, the CEO and Co-founder of Akrivia HCM, the company seeks investors who are not focused on short-term gains.
Akrivia Automation intends to attain profitability before seeking a minimum of $30 million in Series A funding, allowing the company to maintain control over its plans with reduced dilution.
Akrivia Automation initially provided an industrial solution for major enterprises, which is already profitable. The company intends to use the majority of the funds obtained from Series A funding to expand its operations to the Gulf Cooperation Council (GCC) and Southeast Asian markets, enhance its marketing efforts, increase the size of its sales and support teams, and fortify its senior leadership.
Akrivia Automation aims to achieve an annual recurring revenue of over $12 million (equivalent to Rs 100 crore) through its international expansion efforts. This metric reflects the expected amount of revenue that the company can generate from current clients over the next year.
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