Mumbai, India – Futwork, a sales outreach platform that enables businesses to build and expand their outbound calling teams with zero fixed costs, has secured Rs 20.9 crore (approximately $2.5 million) in its Series A funding round led by the Michael & Susan Dell Foundation.
This significant investment was achieved through the issuance of 50 equity and 8,820 preference shares at an issue price of Rs 23,650 each, as per the recent regulatory filing accessed from the Registrar of Companies (RoC).
The Michael & Susan Dell Foundation led the investment with Rs 14.17 crore, with Artha Ventures, Simile Capital, SCI Bureaux, D2C Insider Angels, and angel investor Abhishek Goyal participating in the remainder of the funding. Post-funding, the Michael & Susan Dell Foundation will hold a 19.92% stake in Futwork, while Simile Capital and Artha Ventures will command 10.08% and 5.64% stakes, respectively.
The company plans to utilize the fresh funding to meet its growth objectives, strengthen its financial position, and shore up its working capital. With the new investment, the company’s valuation is estimated to be around Rs 71 crore (approximately $8.5 million) post-allotment.
Since its inception in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork has been supporting businesses across various industries with its tele-calling applications, such as product demos, session bookings, customer feedback collection, and more. The company reported a 12% drop in revenue to Rs 3.79 crore for the fiscal year ending March 2023, with a loss of Rs 3.78 crore during the same period.
This funding round marks a significant milestone for Futwork as it continues to expand its sales outreach capabilities and support businesses in their growth journey.