Hubbler, a no-code platform that makes app development easier, faster, and cost-effective, has raised $1.50 million from Artha Venture Fund, Unicorn India Ventures, and LenDenClub Alpha in seed round. This is the first external funding round for the startup.
Hubbler will use these funds to enter new markets globally and increase its user base. The company currently has over 50 enterprise customers, including three unicorns, and wants to increase it by 5 times by the end of 2023. The platform handles over a million monthly transactions and has built over 1,000 applications for enterprises and partners. The company plans to increase the number of transactions by 10 times in the next 12 months.
No-code or no-code/low-code (NCLC) technology, as commonly referred to in the industry parlance, is gaining traction globally as it has democratized building applications through a visual drag-and-drop interface, removing the need to write complicated codes.
More than 65% of application development will be through NCLC technology by 2024, according to US-based IT research and consultancy firm Gartner. Indian tech industry association NASSCOM projects that the NCLC market in India will grow 10 times to $4 billion by 2025.
“No-code demand is growing rapidly, and we are seeing opportunities waiting to get explored. We plan to expand in the international market and process 10 times higher transactions by 2023. The funds we have raised in the seed round will enable us to do just that. More than the funds, we are looking forward to the strategic contributions of Artha, Unicorn, and LenDenClub Alpha in propelling us toward our goals,” Hubbler Founder Vinay Agrrawal said.
“The funding round is a validation of the value we are creating, as one of our customers (LenDenClub) has participated in the round,” Vinay added.
Anirudh Damani, Managing Partner of Artha Venture Fund, said, “The back end of developing complex applications has been a hurdle in scaling a business, a problem valued at $11.45 billion in 2019 before the hyper-scale achieved in the pandemic. Hubbler is tapping into this nascent market with a founding team with deep operating knowledge and a stellar drive. I will be surprised if Hubbler does not create a global footprint!”
Unicorn India Ventures’ Vice President Sparsh Kumar said, “As the number of startups and mid-sized enterprises that want to implement tech-driven workflows increases, there will be a sustained demand for a sort of ‘codeless economy’ where multiple NCLC providers will strive to serve a large and ever-growing target group. And, amongst such business conditions, we believe that having a great founding team with substantial operating and entrepreneurial experience will be a key differentiator.”
LenDenClub’s Co-Founder and CEO Bhavin Patel said, “We are elated to join Artha Venture Fund and Unicorn India Venture for this round of funding in Hubbler. Platforms like Hubbler help organisations reduce the cost of development by 3X-5X, Increase Productivity by 1.2X-1.5X, and increase RoI by 30%-35%. We look forward to working strategically with the Hubbler team to help them achieve their goals while fulfilling our vision to identify and nurture innovative tech and fintech-focused startups.”