Futwork raised Rs 20.9 Cr Series A funding from Michael & Susan Dell Foundation
Futwork, a sales outreach platform, has raised Rs 20.9 crore, or roughly $2.5 million, in its Series A round led by the Michael & Susan Dell Foundation. Artha Ventures, Simile Capital, and other investors have also participated.
According to Futwork’s regulatory filing retrieved from RoC, the board approved a special resolution to issue 50 equity and 8820 preference shares at an issue price of Rs 23650 each in order to raise Rs 20.9 crore, or $2.5 million.
With an initial investment of Rs 14.17 crore, the Michael & Susan Dell Foundation spearheaded the round. Artha Ventures, Simile Capital, SCI Bureaux, D2C Insider Angels, and angel investor Abhishek Goyal combined contributed the remaining funds.
According to the filings, the company intends to use the additional funding, working capital, and financial strength to meet its growth objectives. The Michael & Susan Dell Foundation will own 19.92% of the business after the new funds are received, with Simile Capital and Artha Ventures controlling 10.08% and 5.64% of the business, respectively.
Blume Ventures led the company’s 2022 seed round, which brought in $1 million. Media estimates the company’s post-allotment valuation at approximately Rs 71 crore, or $8.5 million.
Futwork, founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, provides businesses with zero-cost outbound calling team development and expansion services. Numerous telephoning applications are supported, including session scheduling, product demonstrations, and gathering client feedback.
In the fiscal year ending March 2023, the company reported a 12% drop in revenue, amounting to Rs 3.79 crore for FY23, with a loss of Rs 3.78 crore during the same period. According to the sources, its previous year’s loss was Rs 2 crore.
