Kaagaz Scanner, an Indian document scanning and storage app, today announced today that it has raised USD 575,000 in funding led by Pravega Ventures alongside Axilor Ventures, Better Capital & a few prominent Angel Investors including Phanindra Sama (Founder of RedBus), Farooq Adam (Founder of Fynd) and others. 

Since its launch in June 2020, Kaagaz Scanner is today installed on over 1.9 million phones. Over 90k+ users use the app every day and more than 50 million pages have been scanned using Kaagaz so far. The company has earlier been also backed by First Cheque & Axilor Ventures in their pre-seed round of funding.

Kaagaz Scanner has also been acknowledged by the government of India as part of the Atma Nirbhar App Challenge where it was given a special mention in the office apps category. It has also been recognized by the HRD Ministry and & the Ministry of Electronics and Information Technology.

Kaagaz Scanner was launched in Jun 2020 by a team of 3 seasoned entrepreneurs pursuing their 2nd startup together - Snehanshu Gandhi (IIT Bombay ’07, ISB Hyderabad ’12), Gaurav Shrishrimal (IIT Kanpur ’14) and Tamanjit Singh Bindra (AIT Pune ’06). 

Users are using Kaagaz Scanner for scanning different kinds of documents such as Notes & Assignments for students, Work or business related documents such as Invoices & Agreements & various personal documents such as id cards, insurance documents etc. The app which is privacy focussed works completely offline, doesn’t require a sign In, has zero ads and has unique features such as custom watermarking. The app is today available in eight Indian languages, differentiating it from all the other apps available on the Play Store.

The lead investor, Pravega Ventures said, “Today a smartphone is at the epicentre of most of our personal and business exchanges and we at Pravega are very excited to partner with the Kaagaz team as they build out powerful AI based utility products for the ‘Bharat’ users. The Kaagaz team aims to leverage their proprietary mobile based document scanner and create a repository of documents in their quest to become a key node in the exchange and storage of information for their users. Their AL and ML based approach is going to change how people have used utility apps till now.”

Kaagaz Scanner is the flagship product of the company and their immediate focus is on building it into a world class product. Commenting on the fund raise, Snehanshu Gandhi, Co Founder of Kagaaz said, “We plan to use this fresh round of funding to accelerate growth for Kaagaz Scanner and to increase our team size to speed up product development. Along with the app, we are also looking to build a suite of AI powered utility tools for our users that will help them manage their day-to-day tasks seamlessly.”

Vertices Partners acted as the legal counsel for Company and the Founders in this transaction.

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