Serosoft Solutions Pvt Ltd, a business to business (B2B) SaaS product firm, has recently raised INR 30 crore ($3.6 million) in its Series A funding from investment management firm SIDBI Venture Capital Limited.
With the new fundraising, the Indore-based startup plans to accelerate global growth across key markets in North America, Europe and Australia, build new features into the product and onboard talents.
Founded by Arpit Badjatiya in 2008, Serosoft is an enterprise resource planning (ERP) cum student information system (SIS) which helps corporates and institutions to automate and manage the entire campus operations, administration and learning needs. The platform ensures better interaction between students, teachers, parents and institute management.
Serosoft is a part of Hindustan Group of Companies and claims to have more than 300 educational clients across 20 countries. It also claims to have trained 700K educators and plans to onboard 1,000 clients in the next 3-5 years.
Commenting on the investment, Chief Executive Officer of SIDBI Venture, SP Singh, said:
“We believe that founders have built a great sustainable business and are primed to expand globally & become a globally competitive player.”
The latest deal marks the SIDBI Venture’s second investment out of “Ubharte Sitaare Fund”, a Rs 500 crore fund for medium Micro, Small and Medium Enterprises focused on scaling up in the 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 the Small Industries Development Bank of India. It has previously invested in Stovekraft, Mosambee, Billdesk among others.