Software Solution startup Squad (also known as SquadRun) bags $2.1 million of Angel Funding. The funding round was lead by Blume ventures. Other investors like Contrarian Capital, 91springboard, Emergent Ventures, Abstract Ventures, Anthill Ventures and Axilor Ventures also participated in the funding round.
The startup has its offices in California and in New Delhi. It was founded in the year 2014 by Kanika Jain, Apurv Agrawal and Vikas Gulati. Squad scales high-quality data categorization, moderation/ rating and tagging work, through a distributed mobile workforce platform. SquadRun interface has built-in proprietary algorithms & multiple quality checks for trusted deliverables.
Apurv Agrawal, co-founder & CEO of SquadRun said, “Over the last one and a half years, we have achieved the product-market fit and turned into a profitable SaaS business. However, we wanted to invest ahead of revenue to scale the platform and get strategic investors on board.”
SquadRun serves customers in the eCommerce, marketplace, consumer & machine-learning/AdTech industries. Their clientele includes Uber, Sephora, Tata Group, Flipkart Group, Rocket Internet Group, Teespring and other data-intensive businesses. The startup claims to have on-boarded 75,000 users (workforce) across India, Philippines, Malaysia, Uganda, and Kenya.
Commenting on the investment, Karthik Reddy, managing partner at Blume Ventures, said: “We invested in Squad because they have made machine learning practical and powerful for enterprise operations. By efficiently blending human and machine tasks, it is a disruptive platform in the $300 billion business process outsourcing industry.”
According to a report by Forbes India, by 2025, India is likely to become a $10 billion revenue industry with 8% share of the global SaaS market. Similarly, other SaaS based startup Whatfix have also raised Series A funding from Stellaris ventures.
SquadRun will use the newly raised funds to scale its platform by expanding the technology, product, and data teams in India and the sales team in the US. Read more about Indian Startup Ecosystem.