Futwork Rakes in $2.5 Million in Series A Funding Led by Michael & Susan Dell Foundation
Mumbai: Futwork, a sales outreach platform, has secured a significant funding boost of approximately $2.5 million in its Series A round led by the Michael & Susan Dell Foundation. The round also saw participation from Artha Ventures, Simile Capital, SCI Bureaux, We Founder Circle, and angel investor Abhishek Goyal.
According to regulatory filings accessed from the Registrar of Companies (RoC), the company has issued 50 equity and 8820 preference shares at an issue price of Rs 23650 each to raise Rs 20.9 crore ($2.5 million). This is a significant milestone for the company, which was founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy.
Futwork helps businesses build and expand their outbound calling teams with zero fixed costs, supporting a variety of tele-calling applications such as product demos, session bookings, and customer feedback collection.
The fresh funding will be used to meet the company’s growth objectives, bolster working capital, and strengthen its financial position. Post-allotment, the Michael & Susan Dell Foundation will hold a 19.92% stake in the company, while Simile Capital and Artha Ventures will command 10.08% and 5.64%, respectively.
This latest infusion of capital marks a significant increase in the company’s valuation, which stands at around Rs 71 crore ($8.5 million). Futwork had previously secured $1 million in its seed round led by Blume Ventures in 2022.
In the fiscal year ending March 2023, the company reported a 12% drop in revenue, amounting to Rs 3.79 crore, with a loss of Rs 3.78 crore during the same period. However, the company’s growth trajectory is expected to be positively impacted by the fresh funding.
