VC Fund Investments
Software consulting co. Celebal Tech to raise Rs.125-Cr led by InCred Growth Partners
Jaipur-based software consulting firm Celebal Technologies is to raise INR 125 crore (around USD 14.7 million) in its Series B round led by InCred Growth Partners Fund (INR 80 crore) with the participation of existing backer Norwest Venture Partners (INR 45 crore).The fresh proceeds will be used to expand the company’s business operations and meet working capital needs.Founded in 2015, Celebal Technologies focuses on digital transformation using generative AI, machine learning, cloud integration, and app modernization. It serves clients across the USA, India, APAC, UAE, Europe, and Canada.
Between Nov 2022 and Jan 2024, Celebal Technologies had attracted about USD 34 M in a mix of equity and debt from Norwest and Blacksoil Capital.For FY24, Celebal Technologies had reported about INR 275 Cr in Operating Income and about INR 61 Cr in Net Loss.
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