Futwork is a sales outreach platform management that has secured Rs 20.9 crore in its series A funding round. This round was led by the Michal & Susan Dell Foundation and had the participation of other investors including Simile Capital. Michael & Susan Dell Foundation led the round with Rs 14.17 crore followed by others. The remaining amount was from Artha Ventures, SCI Bureaux, Simile Capital, We Founder Circle, and the angel investor Abhishek Goyal.
The board has approved a special resolution to allot 8820 preference shares and 50 equity shares at an issue price of Rs 23,650 each to raise 2.5 million USD. According to the company filing, the startup will use these fresh proceeds for working capital purposes, to meet its growth objective, and to expand its services in the market. The company provides an online platform to help businesses grow and develop their outbound calling teams with no fixed cost. The startup offers several tele-calling services like session bookings, product demos, and customer feedback collection. This investment shows the investor’s trust in Futwork’s market potential and business model.
The startup also allows employers to post tasks and hire interns or campus ambassadors while tracking the work process and pay accordingly. After this round, the existing investor Michale and Susan Dell Foundation holds the largest stake with 19.92 percent. Simile Capital accounts for 10.08 percent of the firm’s stake followed by Artha Ventures with 5.64 percent. The company has secured over 1 million USD from Blume Ventures during its seed funding round since its inception. The platform allows students to create profiles for jobs or internships and complete tasks to receive benefits like cash rewards and certifications.
The Mumbai startup reported a 12 percent decrease in its revenue to Rs 3.79 crore in FY23. However, the firm posted a net loss of Rs 3.78 crore in the same duration. The startup data intelligence platform, the kredible mentioned the post-allotment valuation of Futwork to be around Rs 71 crore. The company also plans to use this new investment to strengthen its platform and solidify its market presence. The development came just when the online sales and outbound calling platforms received increased investor interest. Futwork faces competition from other companies in the same segment like Glencoco, SquadStack, and Snubes.
Conclusion :
Futwork is a Mumbai-based startup offering a sales outreach platform for outbound tele-calling through gig workers. The startup got fresh capital of $2.5 million from the Michael & Suan Dell Foundation. The funding round had participation from other investors including Artha Ventures, SCI Bureaux, Simile Capital, and others.
The company plans to use this amount to scale its operations, meet working capital purposes, and strengthen its financial position. After this round, the existing investor the Michael and Susan Dell Foundation holds the largest stake with 19.92 percent. The company’s board approved the resolution to allot 50 equity and 800 preference shares at an issue price of Rs 23,650 each to raise Rs 20.9 crore.
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