NeoDove Raises USD 1.5 Million Led by India Quotient
NeoDove, a sales and marketing automation platform for Small and Medium Businesses (SMBs), has raised USD 1.5 million in a seed round led by India Quotient. The round also saw participation from angel investors, including Sumit Agarwal, Founder, Vyapar and Ankit Garg, Founder, WakeFit.
Arpit Khandelwal (left) and Ankit Kumar Agrawal (right), Co-founders, NeoDove
With the new funding the company will look at accelerating its product development and international growth expansion, while also expanding its customer base in India. This round comes in quick succession to the company’s first angel round raised in August 2020, validating its unique value proposition.
“NeoDove’s products are designed to help SMB’s engage customers across the entire digital ecosystem more intelligently and efficiently, by way of our identity-based data and predictive AI,” said Arpit Khandelwal, Co-founder, NeoDove. “COVID-19 has forced many businesses to rethink their customer experience and our automation solutions have helped them make a swift and effective cloud transition. Our focus will be to continue to keep pace with our customers’ evolving and complex needs, while maintaining our competitive advantage around automation,” he added.
The company is founded by Arpit Khandelwal, an IIT Bombay alumnus who has worked with Ola; and Ankit Kumar Agrawal, who has previously worked with CarDekho and Cvent. Their past roles and experience of working with family businesses have given, both the founders, a very deep understanding of the SMB space. The challenges they faced while servicing these customers has given them a ringside view of what SMB’s need and the gaps that exist with available technology solutions. NeoDove was started in January 2020 to address this gap. In a short span of 12 months the platform is witnessing more than five million interactions every month, with customers spending close to six hours on its mobile app.
With SMB’s contributing nearly 70% of global employment and 50% of the world’s GDP, Indian SaaS startups are expected to capture 7-9% global market share by 2022 according to a recent study by Bain and Co. “We are witnessing an unprecedented and transformative shift in the way we work, with artificial intelligence changing how people, processes and technology interact for productivity gains,” said Ankit Kumar Agrawal, Co-founder, NeoDove. “This round of funding reinforces the potential of the category and empowers our customers to achieve greater business agility and increased efficiencies by automating end-to-end processes.“
“NeoDove’s process-driven approach to automation is a paradigm change for the SMB market,” stated Madhukar Sinha, Co-founder and General Partner at India Quotient. “Small and Medium businesses are under a lot of pressure to digitise and this is going to be a massive opportunity for growth. We believe SaaS based automation tools for SMB’s will be a game changer and are excited that NeoDove is very well positioned to capitalise on this opportunity.“
NeoDove is a sales and marketing automation platform for Small and Medium Businesses (SMBs), accelerating their digital transformation. Headquartered in Jaipur, Rajasthan,
NeoDove has customers spanning multiple industries including automobile, real-estate, education and healthcare, among others.
For more information, please visit www.neodove.com.
About India Quotient
India Quotient is an early-stage venture capital investment firm based in Mumbai, India. the firm makes seed investments in consumer technology companies with a focus on fin-tech, content, online first brands, health-tech and education sectors. The seed-stage investor, has backed companies such ShareChat, Lendingkart, Sugar and LoanTap, is looking to back companies providing tech services to small and medium businesses in India.