NowFloats raises Rs 14.36 Cr in bridge round from Omidyar and existing investors

Hyderabad-based NowFloats, which helps local businesses get online, has raised Rs 14.36 crore in bridge round from existing investors such as Omidyar Network, Iron Pillar Capital, and IIFL.

Apart from the bridge round, the startup has also secured a loan of Rs 10 Cr from Blacksoil Capital, out of which it received the first tranche of Rs 5 Cr reveals RoC filings.

NowFloats had previously raised $10 million in a Series B round of funding from Iron Pillar and IIFL (Seed Ventures Fund I & Cash Opportunities Fund), and existing investors Blume Ventures & Omidyar Network.

The startup's Series A round of funding was participated by Omidyar Network, Mumbai Angels, Blume Ventures and Hyderabad Angels in 2015. Blume Ventures had previously co-invested in the startup, along with Mumbai Angels and other individual angels in August 2013.

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NowFloats was floated in May 2012 by Neeraj Sabharwal, Nitin Jain, Ronak Samantray, and Jasminder Gulati. It has three flagship products, Dictate, WildFire, and YourApp. This enables local businesses to get an online presence by creating local content, managing and updating the online presence of its customers through an innovative customer-centric technology interface.

The platform claims to auto-promote websites on channels like Google and Facebook at a reasonable cost. NowFloats also provides an Android and iOS app ‘NowFloats Boost’, which lets users create a website as a nowfloats.com.

NowFloats acquires customers through various channels such as Microsoft and VeriSign to direct customers to the company.

The startup has reported revenue of Rs 2.49 crore against total expenses of Rs 41.80 crore in FY 2017.

The development was reported by paper.vc