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Business News/ Companies / Start-ups/  Celebal Tech taps Norwest Venture

Celebal Tech taps Norwest Venture

Celebal Technologies has raised $32 million from Norwest Venture Partners in its first institutional fundraising

Celebal Tech taps Norwest VenturePremium
Celebal Tech taps Norwest Venture

BENGALURU:SaaS player Celebal Tech raises $32 mn

Software consulting company Celebal Technologies said it has raised $32 million (about 262 crore) from Norwest Venture Partners in its first institutional fundraising.

The deal will give Norwest a minority stake in Celebal, the Jaipur-based company said in a statement on Wednesday. Celebal will use the funds to deepen its presence in existing markets such as North America, India and Asia Pacific, while expanding its footprint in new markets such as Europe, Middle East, and Japan.

“Some of the funds would be utilized towards increasing delivery capacity and building industry focused solution accelerators," the company said. Celebal, however, does not plan to raise capital in the near term following this fundraise, it said.

“We are bullish on the growth of the digital technology services sector and offshore delivery. With a strong DNA of innovation-led culture and customer-centricity, backed by strong partnerships with Microsoft and Databricks, we are well-positioned to capitalize on new opportunities and serve our fast-growing roster of clients," said Anirudh Kala, co-founder and chief executive of Celebal Technologies.

Founded in 2015 by Kala and Anupam Gupta, Celebal operates in the big data, data science and enterprise cloud space. It provides differentiated services on Microsoft Azure and Databricks platforms.

It offers services across industries such as manufacturing, financial services, energy, consumer packaged goods, retail and healthcare.

Celebal currently has about 1,600 employees, which it plans to expand to fuel its expansion, Gupta said. The company claims to offer services to 100 global clients.

Avendus Capital acted as the financial adviser and Shardul Amarchand Mangaldas & Company served as the legal adviser to Celebal.

Among other fundraises in the SaaS industry, Icertis in October raised $150 million in the form of a revolving credit facility and convertible financing from Silicon Valley Bank.

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Published: 23 Nov 2022, 11:39 PM IST
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