Utah-based Zions Venture Fund Leads Rs 40 Cr Funding Round In Startup CometChat

Co-founders of CometChat

CometChat, a user engagement platform announced that it has secured Rs 40 crore in a Venture Debt round led by Utah based Zions Venture Fund. According to the company the fresh capital will be used for scaling up its product offerings, strengthening its presence in Europe and expanding data centres strongly in the APAC region.

CometChat has raised Rs over 145 crore till date and is backed by marquee investors including Signal Peak Ventures, Matchstick Ventures, Range Ventures and Unbound Ventures.

CometChat with its headquarters in Denver and Mumbai, incepted in 2019, works with global enterprises by providing them a full-fledged messaging and communications platform within apps and websites to improve brand’s user engagement.

Commenting on the fundraise, Anuj Garg, Co-founder and CEO, CometChat, said, “We are a revenue focused business continuously growing in large international markets. Thus, our business fundamentals and strong balance sheet has enabled us to raise this round as we are in a comfortable position to service the debt. The aim is to raise capital for an extended runway of 5 years as we put our growth plans in the fast lane.”

The startup further claims that in the last 12 months, CometChat’s customer base has grown by threefold and product usage by 300 per cent.

Sam Clark, MD, Zions Venture Fund highlighted, “Zions is thrilled to be partnering with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Excited to be a part of the journey and support the Company through its phases of growth.”

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