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NowFloats raises $10 million in a Series-B round

The company plans to invest the money on sharpening its technology stack that drives customer support which the company aims to be a hybrid of automated and human interaction.

, ET Bureau|
Last Updated: Jan 24, 2017, 08.48 AM IST
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The company plans to sharpen its services for the small and medium enterprises and expand further into the tier-II and tierIII cities in the country.
The company plans to sharpen its services for the small and medium enterprises and expand further into the tier-II and tierIII cities in the country.
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NEW DELHI: NowFloats, a firm which helps businesses get online, has received a funding of $10 million in a Series-B round from a clutch of investors including Iron Pillar and IIFL along with Blume Ventures & Omidyar Network, who had invested in Series A as well. The investment has been made by Seed Ventures Fund I & Cash Opportunities Fund of IIFL.

The company plans to invest the money on sharpening its technology stack that drives customer support which the company aims to be a hybrid of automated and human interaction. It also plans to sharpen its services for the small and medium enterprises and expand further into the tier-II and tierIII cities in the country.

NowFloats raises $10 million in a Series-B round
Neeraj Sabharwal, cofounder, NowFloats said SMEs need to talk about their businesses regularly (update product features, new offersevents, reviews, etc) to attract more customers online. "Our product is geared towards making it as simple as possible for business owners to interact and add updates to their online identity."

He added that there are also other players in the market which enable SMEs with an online identity that only aggregates basic business information and their product catalogue.

"This strategy does not drive RoI over a longer time-span as the content becomes non-relevant with time. We, at NowFloats, want to re-define the market for business websites, where the business owners only have to worry about the content on the website, and the technology takes care of other aspects like design, performance, discovery (SEO), marketing (SEM), enabling transactions (payment gateway) and customerlead management, etc."

Founded in May 2012 by four people, NowFloats claims that it has instant presence across 2,30,000 business, out of which up to 80% are paid customers.NowFloats also said that it is registering over 11-million unique visitors a month.

Anand Prasanna, managing partner, Iron Pillar, said his firm is eager to help NowFloats specifically in structuring and focusing on sales efforts, growth initiatives in the next few years, and improving preidentified key business metrics. "We also look forward to helping build the business meaningfully beyond India through Iron Pillar's networks, especially in Asia Pacific and the US," Prasanna added.

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