SaaS firm SmartKarrot raises $1 million in angel round

Texas, US based SmartKarrot Inc, which operates customer and product insights-oriented Saas (software-as-a-service) provider SmartKarrot, has raised $1 million in an angel funding round.

The round saw participation from high net worth investors and promoters, the company said in a statement, without disclosing their identities.

With the fresh funds, the company plans to enhance its technological infrastructure and grow its R&D (research and development) and market acquisition operations in India. The startup also has a presence in Singapore, Bengaluru and Canada.

“SmartKarrot's initial customer response has been very positive. To stay competitive, businesses need to drive recurring revenue retention and expansion, enhance product adoption and influence the end user’s product experience. To stay on point, all of that culminates in the ability to manage and influence the digital touch points the customer and their end users have. A platform like SmartKarrot not only minimises the challenge of having to deal with multiple systems, but it also enhances the customer experience exponentially,” Prithwi Dasgupta, CEO and co-founder of SmartKarrot, said.

Dasgupta founded the SaaS startup with Arnab Chatterjee in 2019. Both are alumni of the National Institute of Technology in Calicut. Chatterjee earlier co-founded US-based healthtech startup eMids Technologies, with Dasgupta being an employee there.

The platform tracks customers’ real-time digital behaviour to help clients take personalised and strategic actions to drive a product’s profitability level. It tracks several customer metrics such as revenue generation and product usage before engaging them through several channels, including emails, mobile messages, push notifications and in-app surveys. This data can be used by clients to help with on-boarding, product adoption and product roadmap planning.

Recent deals

SaaS companies have piqued investor interest, and the rise in valuations of firms like Freshworks has given investors a boost in confidence. Earlier this week, Samya.ai, an emerging technologies-based SaaS startup, raised $6 million from Sequoia India.

Last month, customer experience automation platform Seekify Technologies raised $1.5 million in a seed round led by Sequoia’s accelerator programme Surge.

At the same time, Mukesh Ambani-led Reliance Industries acquired a majority stake in NowFloats Technologies, a SaaS company that helps small businesses set up an online presence.