4 days ago
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By Haripriya Suresh
BENGALURU, Jan 20 (Reuters) - Indian bundle exertion creator startup Emergent has raised $70 cardinal successful backing arsenic portion of a round led by SoftBank Vision Fund and Khosla Ventures, the company said connected Tuesday.
The Series B circular came 4 months aft the startup raised its $23 million Series A circular from Lightspeed Venture Partners, Prosus and others, and further backing from the Google AI Futures Fund successful December. The existent circular besides saw the information of Prosus, Lightspeed, Together Fund and Y Combinator.
The institution did not disclose the valuation astatine which the Series B circular was raised.
SoftBank past invested successful an Indian startup implicit 3 years ago, and has mostly lone done follow-on rounds to clasp its involvement successful companies.
As per the company, it has implicit 5 cardinal users and $50 cardinal successful yearly recurring revenue wrong 7 months of its launch.
"Emergent is aboriginal successful shaping how bundle gets created and monetized implicit the adjacent decade, not conscionable the adjacent merchandise cycle, and its users are speedy to stock their success," said Vinod Khosla, laminitis of Khosla Ventures.
Emergent co-founder and CEO Mukund Jha, who founded the now-defunct hyperlocal transportation and speedy commerce steadfast Dunzo, told Reuters that the startup wants to use the proceeds to grow its probe and engineering teams successful San Francisco and Bengaluru, and to physique much products.
"A batch of the concern volition spell into gathering and further advancing our products and besides advancing our probe into coding agents," Jha said.
The startup is seeing involvement from radical who privation to build a concern connected apical of apps, helium said, adding that the "democratization of bundle building" is going to beryllium "a monolithic trend".
(Reporting by Haripriya Suresh in Bengaluru; Editing by Maju Samuel)
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