Serosoft Solutions Pvt Ltd, a SaaS products (B2B) firm recently raised INR 30 million ($3.6 million) in its Series A funding from investment management firm SIDBI Venture Capital Limited.
With the new funding, the Indore-based startup plans to accelerate global growth in key markets in North America, Europe and Australia, embed new features into the product and onboard talent.
Founded by Arpit Badjatiya in 2008, Serosoft is an enterprise resource planning (ERP) system along with a student information system (SIS) that helps companies and institutions automate and manage their entire campus operations, administration and learning needs. The platform ensures better interaction between students, teachers, parents and institute management.
Serosoft is part of the Hindustan Group of Companies and claims to have more than 300 educational clients in 20 countries. It also claims to have trained 700,000 educators and plans to onboard 1,000 clients in the next 3-5 years.
Commenting on the investment, SIDBI Venture CEO SP Singh said:
“We believe the founders have built a great sustainable business and are poised to expand globally and become a globally competitive player.”
The latest deal marks the second investment by SIDBI Venture from the “Ubharte Sitaare Fund”, a Rs 500 crore fund for medium micro, small and medium enterprises focused on scaling up in export markets. The fund announced its first close of Rs 285 crore in March this year. SIDBI Venture Capital is a wholly owned subsidiary of Small Industries Development Bank of India. He previously invested in Stovekraft, Mosambee, Billdesk among others.