Rs 7.5 Cr Pre-series A funding secured by contract execution platform Doqfy
Doqfy, a SaaS platform for contract execution, has secured Rs 7.5 crore in a pre-Series A round sponsored by Turbostart and Pentathlon VC. Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co, led by Archana Priyadarshini, were additional investors in the round.
Doqfy claims that the new money will be put to use for business expansion by forming partnerships as well as platform technological improvements.
Doqfy is a platform for contract formation, stamp duty payment with digital signatures, and milestone management features for large and small, and medium enterprises. It was founded in 2019 by Aditya Pandranki, Manjula Rao, and Vilaas BV.
The firm, which is situated in Bangalore, claims to have been profitable since last year and has an annual recurring revenue (ARR) of Rs 6 crore. Among the companies in its customer portfolio are Swiggy, Meesho, Unacademy, Bajaj Finserv, HDFC Bank, and Ujjivan Small Finance Bank.
In 2020, Turbostart and angel investor Sandhya D contributed Rs 2.10 crore to Doqfy’s seed fundraising round.
Business-to-business (B2B) SaaS-focused venture capital firm Pentathlon Ventures is situated in Pune. The company expected to invest in 20 businesses with an average ticket size of between Rs 75 lakh and Rs 3 crore in 2021 after closing its first fund at Rs 76 crore.
Previously, PremjiInvest, the private investment company of Wipro founder and chairman Azim Premji, received $26 million in a Series A fundraising round on behalf of Bengaluru- and New York-based contract lifecycle management company SpotDraft.
