SIDBI Venture Capital has infused Rs 30 crore (about $3.6 million) in Series A funding round for educational software and solutions company Serosoft Solutions.
The company intends to use the fresh funds to ramp-up global growth across key markets in North America, Europe and Australia, build new features into the product and onboard talents.
Indore-based Serosoft, founded in 2008, caters and helps educational institutions including universities, colleges, schools to track the entire student lifecycle, assess users result and analyse results and their progress, bringing the stakeholders across the ecosystem on one platform.
According to the platform’s most recent financials, it reported an operating revenue of Rs 23.67 crore and a profit of Rs 4.55 crore in FY21.
This is SIDBI Venture’s second investment from the “Ubharte Sitaare Fund,” a Rs 500 crore fund for medium Micro, Small, and Medium Enterprises focused on export growth. In March of this year, the fund announced its first close of Rs 285 crore. The Small Industries Development Bank of India owns SIDBI Venture Capital entirely. It has previously invested in companies such as Stovekraft, Mosambee, and Billdesk.
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