Convosight, a software-as-a-service platform which allows Facebook community admins to manage their groups, has raised $8 million in its Series A round.
The board of Convosight has approved the allotment of 46,952 Series A preference shares at an issue price of Rs 12,175.92 per share to raise Rs 57.2 crore or $8 million, regulatory filings show.
Qualgro Venture Capital has led the round with a $4 million investment followed by IvyCap Ventures with an investment of $1.8 million. Unilever Ventures and Surge also joined the round, pouring $1 million and $700K respectively. Ajay Gupta Trust has invested around $300K in the 20-month-old startup.
According to Fintrackr’s estimates, Convosight has raised the fresh capital at a post-money valuation of $40 million.
The fresh funds have come after a gap of 14 months for Convosight. In April 2020, it had raised $4 million from IvyCap and Surge. The Delhi-based startup was a part of the third cohort of Sequoia Capital’s accelerator programme.
Floated by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal, Convosight uses data analytics and machine learning to help admins and brands to create, moderate, grow and monetise their communities on Facebook.
According to Convosight, more than 7,000 communities manage over 300 million members on their platform.
It’s worth noting that Tamanna and Tarun Dhamija had also founded digital parenting platform Baby Destination, owned by BD Parenting Infotech Private Limited, in 2016 and raised funds from GEMS Partners and an angel investor in 2017.
Regulatory filings also show that the name of ‘BD Parenting Infotech Private Limited’ was changed to ‘Convosight Analytics Private Limited’ and was approved by the members in the annual general meeting of the company held on October 23, 2020.
In effect, Baby Destination, owned by BD Parenting Infotech Private Limited, has been rebranded to Convosight (Convosight Analytics Private Limited).
Entrackr has sent queries to Convosight to know the current status of Baby Destination. We’ll update the post in case we hear from them.
Update: We have removed the shareholding pattern after the founder reached out to us and said the round is ongoing and the shareholding structure will change soon. We will decode the shareholding when this round will be concluded.