GrexIT Inc., which works under the domain of Software as a Service, platform which is known by the name as Hiver, today in a report has announced that they have raised an amount of $4 million in the fresh funding round of series which is led by the Kae Capital and Kalaari Capital.
In a report, the company said that it has plans to invest this funding in building the product and to expand across the globe.
The startup which is founded in the year 2011 by the Nitesh Nandy and Ranjan Rout. Hiver is mainly a Gmail based integration platform which is used by the business to manage emails which are being set to the shared inboxes such as [email protected], [email protected], [email protected] Both the founders have been graduated from the IIT Kharagpur.
“We have been profitable and growing rapidly, and we see a huge product, and business opportunity in enhancing email to make it work better for businesses,” Rout said in the statement. “With this investment, we will fuel our efforts to realize our vision of making Gmail a powerful collaboration platform that businesses can use for sales, support and their internal functions,” he added.
Just before this funding, the startup has also raised an amount of $13000 in the funding round of seed from the Paytm and Citrix Startup Accelerator in the year 2012.
As of now Hiver platform has around more than 1000 users across the globe and has also claimed to be handling around the 2 million emails every day. The company is also looking to double up its revenue in the future ten months.,
“All our revenue is from subscription for the product,” Rout added. “We plan to build our business using the same business model. However, there have been many iterations on the product front, and what you see in Hiver today was mostly built through 2017.”
Some of the other players in this segment is ManageEngine, which is also one of the largest IT and business Saas provider of Zoho Corporation.