Indian Angel Network invests in UK-based Lowdown app
Mumbai: Indian Angel Network (IAN) has invested an undisclosed amount in the makers of the Lowdown mobile app, which provides data and information services.
The investment in London-based Lowdownapp Ltd is the first by IAN in the UK which makes use of the UK Trade and Investment (UKTI) Innovation Gateway.
Lowdown provides business professionals information ahead of important meetings. The app links the phone calendar and contacts to generate real-time data from Internet-based information sources (social networking, business sites, individual profiles). The app comes out with results which include display of travel options to meetings, maps, profiles of individuals and companies who will be present, tweets by them, shared personal and company connections and recent email correspondence. This service is currently available only for iOS users.
“We think the solution the company is providing can be used by professionals across the world; it is not country or region specific . There is a lot of scope of expansion for the company,” said Padmaja Ruparel, president of IAN, over the phone. The company will use the funds for sales and marketing initiatives.
The mobile app has a 30-day free trial period, after which users can sign up to for a cost of $8 per month or an annual fee of $80. “We have around 3,000 users so far, and 10% of these are paid customers. Paid subscribers and partnerships with corporates are the two revenue streams for us”, David Senior, founder and chief executive officer of Lowdownapp Ltd, said over the phone.
According to a statement, the use of the app reduces two hours of preparation time that professionals put in while preparing for meetings. This adds up to 12 working days a year.
While Lowdown cuts time spent on meeting preparation, the SignEasy app from Bangalore-based Glykka Llc allows businesses and professionals to generate electronic signatures, which help sign documents from mobile devices. According to Sunil Patro, founder of SignEasy, the company has tied up with a number of organizations to provide its services. It also won the India Innovation and Technology Leadership Award by Frost and Sullivan in September this year.
In September, Mint reported that BookPad Inc., which helps users view documents online through its app Docspad, was acquired by Yahoo Inc. for Rs.50 crore. The start-up was founded by Indian Institute of Technology (IIT) Guwahati alumni in 2013.