San Jose, California and Bengaluru-based Software as a Service (SaaS) application, Hiver (formerly Grexit), that helps organizations collaborate from their email inboxes, has raised $4 million (~ Rs.30 crore) in a Series A round of funding led by Kalaari Capital and Kae Capital.
The startup will use the freshly raised funding for product development, as well as for expanding its global customer base.
Notably, this funding round is the first round of equity financing raised by the startup since November 2011, when it raised $130,000 in seed funding from the Citrix Startup Accelerator, The Morpheus and Paytm founder Vijay Shekhar Sharma.
Post this funding, Gaurav Chaturvedi, venture partner at Kae Capital, and Rajesh Raju, manning director at Kalaari Capital, will be joining the Hiver’s board of directors.
“We believe Hiver has the potential of becoming a product that is synonymous with productivity for businesses,” said Chaturvedi of Kae Capital.
Founded by Indian Institute of Technology, Kharagpur alumni, Niraj Ranjan Rout and Nitesh Nandy, Hiver was started in mid 2011 with an aim to build a collaboration tool that would let them stay in their inboxes and yet get work done efficiently.
The app was previously known as GrexIt, however in September 2015, the company changed its name to Hiver to avoid a naming conflict with the term Grexit being used to refer to the probable exit of Greece from the Eurozone. The company however retains GrexIt, Inc. as its legal name.
In a statement to a business daily, Niraj Ranjan Rout, co-founder and chief executive of Hiver, said, “With this investment, we will fuel our efforts to realise our vision of making Gmail a powerful collaboration platform that businesses can use for sales, support and their internal functions.”
Before co-founding Hiver, Raut was also a co-founder of Mobilcules, a Noida-based firm that builds innovative and sophisticated products primarily for start-ups/new ventures in the US, Europe and India. Raut then exited Mobicules in January 2011 to focus on Hiver. Nitesh Nandy was also formerly at Mobicules as Technical lead and project manager
Hiver is now used by thousands of companies globally including Harvard University, and US-based vacation rental companies Hubspot and Vacasa. The app is one of the most loved products built for Gmail and G Suite.
Source – Economic Times