Celebal Technologies, an Indian software services startup, has announced raising a $32-million minority growth investment from US-based Norwest Venture Partners, per an announcement.
The proceeds of the investment will be used to strengthen its foothold in existing markets across North America, India, and the Asia-Pacific as well as fuel its expansion into new territories across Europe, the Middle-East, and Japan. Some of the funds would be utilised towards increasing delivery capacity and building industry-focused solution accelerators.
Founded in 2016, Celebal Technologies is a leading global partner for tech giants Microsoft and Databricks. It offers differentiated services and accelerators on the Microsoft Azure and Databricks platforms to drive continuous innovation and empower enterprises in their digital transformation journeys across various industries such as manufacturing, financial services, energy, CPG, retail, and healthcare.
“In terms of market potential, we feel we’ve just scratched the surface and this partnership will enable us to pursue growth opportunities in the Microsoft and Databricks ecosystem,” said Anupam Gupta, co-founder of Celebal Technologies, in a statement. “They understand our business and are passionate about companies in the next-gen cloud, analytics, and AI services segments.”
Norwest Venture Partners is a Palo Alto-based venture and growth equity investment firm managing more than $12.5 billion in capital. Among its investments in India this year, the venture fund participated in digital lending fintech EarlySalary’s $110-million round in August along with TPG’s Rise Fund, and led Finova Capital’s$65-million financing in March. It also led social commerce startup CityMall’s $75-million Series C funding round in march
Despite the so-called funding winter, global funds, including Sequoia, Accel, LightSpeed, and Matrix Partners, have either raised new funds or are in talks to raise capital to tap tech investment opportunities in India.
Earlier this year, Sequoia India said it raised a whopping $2.85 billion across three funds to invest in the Indian and Southeast Asian markets, while Accel India mopped up $650 million, and Elevation Capital (formerly Saif Partners) raised its largest-ever fund at $670 million.