Corporate social responsibility (CSR) lifecycle management platform that connects companies with non-profit organisations (NPOs), Goodera has raised Rs 79 crore in its Series B round of financing.
The funding round led by SAIF Partners also saw participation from existing investors Nexus Venture Partners and Omidyar Network. The Bengaluru-based startup had raised $5.5 million in a series A round led by Nexus.
Varsha Rao, previously Head of Global Operations at Airbnb also participated in the Series A round along with other prominent angels.
In 2015 Goodera (then NextGen) had raised an undisclosed amount of funding from Mumbai Angels and a group of angel investors based out of Bengaluru.
During the recently concluded round Goodera allotted 100 equity shares of Rs 1 at a premium of Rs 8,376 each and 94,366 Series B preference shares of Rs 10 at a premium of Rs 8,367 on March 1, 2018, reports paper.vc.
Floated in 2014 by Abhishek Humbad and Richa Bajpai, Goodera is a CSR lifecycle management platform which provides automation and intelligence across monitoring and evaluation, impact measurement, grantmaking, reporting, and employee volunteering.
Co-headquartered in Bangalore and Menlo Park, the startup has more than 150 large enterprises including 24 in Global Fortune 500 who have adopted Goodera to effectively measure, manage and report their CSR projects across more than 30 countries.
CSR Rules, which came into effect on 1 April 2014, state that companies with a net worth of Rs 500 crore or revenue of Rs1,000 crore or net profit of Rs 5 crore should spend 2 per cent of their average profit in the last three years on social development-related activities such as sanitation, education, healthcare and poverty alleviation, among others, which are listed in Schedule VII of the Rules.
