Silicon Valley-based SaaS startup Hiver today in a report has announced that they have secured around $4 million in a fresh funding round which is led by venture capital firms Kalaari Capital and Kae Capital. The news funds which the company has raised will be used to develop the product, along with expanding the global customer base.
Niraj Ranjan Rout, Founder of Hiver, said, “With this investment, we will fuel our efforts to realize our vision of making Gmail a powerful collaboration platform that businesses can use for sales, support and their internal functions.”
As part of the funding deal, Gaurav Chaturvedi, Venture Partner at Kae Capital, and Rajesh Raju, Managing Director of Kalaari Capital, will be going to join as the Board of Director of the Hiver.
Hiver, owned and operated by GrexIt was founded by two IIT Kharagpur alumni Niraj Ranjan Rout and Nitesh Nandy in the year 2011. The startup provides a Gmail-based email collaboration platform, enabling businesses to manage emails sent to shared inboxes like support@, sales@, and finance@.
NR Rout, said, “We have been profitable and growing rapidly, and we see a huge product and business opportunity in enhancing Gmail to make it work better for businesses.”
The startup as of now has claims to have more than 2,000 clients in more than 30 countries, which is also managing more than 1 million emails every day. The startup further claims to have doubled its revenue from the last 10 months in the market.
Hiver last raised $130,000 in seed funding from the Citrix Startup Accelerator and Paytm founder Vijay Shekhar Sharma in the year 2012.
Some of the other players competing with Hiver in the international market are Salesforce, HelpScout, and Microsoft Dynamics, while on the other hand some of its local rivals include Zoho, and Freshworks, among others.
Earlier in July 2018, Freshworks raised $100 million in series Ground led by Accel Partners and Sequoia Capital, along with participation from CapitalG. The latest funding valued the SaaS-based startup at $1.5 billion, making it a unicorn.