 "User engagement platform CometChat Raises Rs 40 crore in venture debt")
User engagement platform CometChat has raised Rs 40 crore in a Venture Debt round led by Utah based Zions Venture Fund. Funds raised will be used for scaling up its product offerings, strengthening its presence in Europe, and expanding data centres in the APAC region.
CometChat has raised over Rs 145 crore till date and is backed by marquee investors including Signal Peak Ventures, Matchstick Ventures, Range Ventures and Unbound Ventures.
“We are a revenue focused business continuously growing in large international markets. Thus, our business fundamentals and strong balance sheet has enabled us to raise this round as we are in a comfortable position to service the debt. The aim is to raise capital for an extended runway of 5 years as we put our growth plans in the fast lane,” said Anuj Garg, Co-founder CEO, CometChat.
Founded in 2019 by Anuj Garg and Anant Garg, CometChat has its headquarters in Mumbai and Denver. The company offers a full-fledged messaging and communications platform within apps and websites to improve a brand’s user engagement. It allows users to get real time engagement and have conversations via messaging, voice calling and HD video chat.
“Zions is thrilled to be partnering with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Excited to be a part of the journey and support the Company through its phases of growth,” Sam Clark, MD, Zions Venture Fund, added.
In the last 12 months, CometChat says its customer base has grown by 3x and product usage by 300 per cent. The company, with its B2D (Business to developer) approach, has handled over 800 million connections so far. The start-up currently has a user base of 50,000 developers.