Exclusive: Futwork kicks off Series A led by Michael & Susan Dell Foundation

Sales outreach platform Futwork has raised Rs 20.9 crore approximately $2.5 million in its Series A round led by the Michael & Susan Dell Foundation with participation of Artha Ventures, Simile Capital, and others.

The board at Futwork has passed a special resolution to issue 50 equity and 8820 preference shares at an issue price of Rs 23650 each to raise Rs 20.9 crore or $2.5 million, its regulatory filing accessed from RoC shows.

Michael & Susan Dell Foundation led the round with Rs 14.17 crore while Artha Ventures, Simile Capital, SCI Bureaux, D2C Insider Angels, and angel investor Abhishek Goyal cumulatively invested the rest of the amount.

According to the filings, the company will use the fresh funding to meet its growth objectives, and the working capital and to strengthen its financial position. Following the fresh proceeds, the Michael & Susan Dell Foundation will hold 19.92% of the company while Simile Capital and Artha Ventures command 10.08% and 5.64% of the company.

The company has secured $1 million in its seed round led by Blume Ventures in 2022. As per the data intelligence platform TheKredible, the company has been valued at around Rs 71 crore or $8.5 million post-allotment.

Founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork helps businesses build and expand their outbound calling teams with zero fixed costs. It supports a variety of tele-calling applications, such as product demos, session bookings, and customer feedback collection.

In the fiscal year ending March 2023, the company reported a 12% drop in revenue, amounting to Rs 3.79 crore for FY23, with a loss of Rs 3.78 crore during the same period. According to the sources, its previous year’s loss was Rs 2 crore.