Hyderabad-based startup NowFloats has raised an undisclosed amount of Series A funding from a new investor Omidyar Network with participation from existing investors Blume Ventures, Mumbai Angels and Hyderabad Angels. In June 2014, Microsoft Ventures had also announced to invest around USD 250,000 in NowFloats.
As per a YourStory report, the raised funding will be used by NowFloats to expand its global footprint and distribution platform as well as help customers access more online consumers.
Founded in 2012 by Jasminder Singh Gulati (CEO) and Nitin Jain (COO), NowFloats enables Small and Medium Businesses (SME) to get an online presence by simply using SMS. NowFloat’s app takes 13 minutes to create a website via SMS and businesses can use it to update promos, offers, product information, and sales, etc. The firm claims that its platform processes 30 million touch-points every month with customers updating their sites half a million times, also has more than 33,000 customers in SMB (Small and Medium Business) segment in India.
The company has its two flagship products – Lighthouse and Wildfire which help in automating organic and inorganic discovery across customer segments. NowFloats has also made partnership with AskMe in India and Microsoft 4Afrika Initiative, which enables a million small businesses in Africa to come online. Currently, the firm is targeting the SMBs who are ready for online presence in India.