IDG Ventures India and Inventus Capital Partners have invested $2 million (about Rs 12 crore) in Mumbai-based SaaS and big data analytics venture Peel-Works, as risk capital continued to repose its faith in India’s early-stage tech-focused ventures.
Proceeds from the Series A round of funding will be used by the company, which is also backed by the Indian Angel Network, to further build its product and analytics platform, strengthen its management team and enter international markets.
“The two new key markets are the United States and south-east Asia, and we expect to have a present in these geographies in the next six to 12 months,” said Sachin Chhabra, founder and chief executive, Peel-Works.
The deal is the latest in a series of early-stage venture capital investments made in the country’s technology-focused startups over the past six months. The period between January and June 2014 has seen 61 transactions totalling $194 million (Rs 1,166 crore), outstripping the investment activity that took place in the corresponding period last year, and which saw 81 deals worth $180 million (Rs 1,082 crore).
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