Saas platform Lio raises Rs 37 cr in seed funding round
IT start-up Lio on Wednesday said it has raised around Rs 37 crore in a seed funding round led by Sequoia Capital India and Lightspeed India. The company plans to use the investment primarily to expand its engineering team and increase the number of users of the mobile application.
“The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio’s vision of enabling small businesses to be smarter by leveraging their business data for better decision making. “We aim to achieve this by helping people organize their data,” Lio co-founder and CEO Anupam Vijayvergia said in the statement.
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Lio provides variety of tools for tabulation, calculation and organizing needs, such as creating tables of customer, stocks, payment data for businesses or organizing to-do lists, class schedules or wedding registries. It was launched in November 2020, and claims to have recorded 10 lakh downloads on the app store within 9 months. In July 2021, the app was also launched in Indonesia, and has seen strong adoption.
Currently, the application is available in 10 Indian languages and Bhasha indonesia, with approx 45 per cent usage in vernacular languages, the statement said. “Lio had raised an angel round from prominent names in the industry including Aakrit Vaish, Anupam Mittal, Ashish Hemrajani, Gaurav Munjal, Haresh Chawla, Kunal Bahl, Kunal Shah, Maninder Gulati, Miten Sampat, Prakshit Dar, Rohit Bansal, Roman Saini, Sachin Bhatia, Siddharth Rao in March 2021,” it added.
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