Exclusive: Salesforce Venture to lead $15 Mn in app builder Rocket.new

Mobile app builder Rocket.new (formerly Dhiwise) is set to raise Rs 131.4 crore or $15 million in its extended Series A round led by Salesforce Ventures and existing investors Accel and Together Fund.

This will be the first major funding for the four-year-old company in three years since it raised $7 million in August 2022.

According to its filing with the Registrar of Companies, Rocket.new’s board passed a resolution to issue 4,81,718 Series A1 CCPS at an issue price of Rs 2,728 apiece to raise the above mentioned amount.

Salesforce Ventures will lead the round with an investment of Rs 74.46 crore ($8.46 million), while existing backers Accel and Together Fund will participate with Rs 49.26 crore ($5.6 million) and Rs 7.67 crore, respectively.

The company will use the proceeds for growth, expansion, and working capital requirements, the filing said.

According to Entrackr’s estimates, the Surat-based company’s valuation will more than double to Rs 545 crore ($62 million), from Rs 256 crore in its previous funding round three years ago.

After the allotment of this round, Accel will emerge as the largest external shareholder with an 18.87% stake, followed by Salesforce Ventures at 13.68% and Together Fund at 5.62%. Co-founders Vishal Virani and Rahul Shingala will collectively hold 36% of the company.

Founded in 2021 by Vishal Virani and Rahul Shingala, Rocket.new is an AI-powered no-code/low-code platform that helps users build and launch apps, websites, and tools from simple prompts or designs. 

As per startup data intelligence platform TheKredible, the company raised over $9.5 million prior to this round from investors including Accel, India Quotient, Together Fund, Dholakia Ventures, among others.

While the company has yet to file its FY25 numbers, Rocket.new reported Rs 3.5 crore in revenue in FY24, with losses rising 46% to Rs 11 crore, according to its standalone financials filed with the RoC.