PE-VC Fund Investments
No-code platform for building apps Rocket.new to raise $15-M led by Salesforce Ventures
Surat-based Rocket.new (formerly known as Dhiwise ) is to raise INR 131.4 crore (USD 15 million) in an extended Series A round led by Salesforce Ventures, with participation from existing investors Accel India and Together Fund. Rocket.new will issue 4,81,718 Series A1 CCPS at INR 2,728 per share.Salesforce Ventures will contribute INR 74.46 crore (USD 8.46 million), Accel will invest INR 49.26 crore (USD 5.6 million), and Together Fund, INR 7.67 crore. The company plans to use the funds for expansion and working capital purposes. Post allotment, Accel will hold 18.87%, Salesforce Ventures 13.68%, and Together Fund 5.62% in the firm. The co-founders will collectively retain 36% ownership.Rocket.new was founded in 2021 and operates as a no-code/low-code platform for building apps, websites, and tools. The company had raised over USD 9.5 million from Accel, India Quotient, Together Fund, and Dholakia Ventures.For FY24, Rocket.new reported revenue of INR 3.5 crore and a 46% increase in losses to INR 11 crore.
Between Jan-22 and Sep-22, Dhiwise had attracted about USD 9.4 M from Accel India, India Quotient, Together Fund and Dholakia Ventures.
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