Disprz, a software-as-a-service (SaaS) startup delivering learning and development solutions using artificial intelligence (AI), has raised $13 million in a Series B round led by Dallas Venture Capital and Mars Growth Capital.
The funding round was also joined by existing investors Go1 (an Australian unicorn in this space), Tara India Fund IV being managed by KOIS, Auctus Capital (Family office of Vikas Phadnis, Co-Founder of Eurokids), and Kae Capital (a leading seed fund). Unitus Capital acted as the financial advisor to the company for this transaction.
According to an official statement, the Mumbai-based startup plans to use this capital to scale up product and engineering teams, establish a sales and marketing division in the US, expand its existing presence in South East Asia and Middle East markets, and invest in building industry-specific product solutions.
Co-founded in 2015 by a serial entrepreneur and alumni of IIT-Madras, ISB, and McKinsey, Subramanian Viswanathan, and Kuljit Chadha, Disprz is focused on helping enterprises achieve more business impact by enabling their workforce to integrate knowledge into their daily work. The company aims to make the workforce more knowledgeable, productive and smarter by leveraging technology paradigms like social, mobile, cloud, and analytics.
Speaking about the fundraise, Co-founder and CEO of Disprz, said, "We are excited to welcome Dallas Venture Capital into the mission of Disprz. DVC’s founding team are former founders who have scaled and exited start-ups and their understanding of the SaaS space, coupled with their strong network in the US, make them a perfect partner for Disprz as we look to establish ourselves in developed markets, particularly the US."
The startup's multilingual app helps to onboard and engage employees, increase productivity, and continuously learn online. It works across the spectrum - from when an employee joins a company and as he grows and evolves.
With over 100,000 courses, the startup serves more than 200 Indian and global customer bases which include Wellness Forever, More Retail, Times Internet, Motilal Oswal Financial Services, Godrej Storage Solutions, Hindustan Coca Cola Beverages, KBZ MS General Insurance, Oman Oil, AIA Group and others.
Adding further about the latest funding, Co-founder and COO, Kuljit Chadha said, "We started out as a single product company, but are now a multi-product company, addressing the skill needs of both frontline and knowledge workers through unique offerings, while solving key business problems. We are no longer just a good-to-have learning platform but a core business platform that can provide our customers with a competitive advantage."
Disprz also aims to use "Learning As A Service '' to change how organizations look at skilling. It is a subscription-based learning strategy, which spans cross-functional disciplines ranging from talent management, digital platform adoption, HR analytics, and organizational development.
Gokul Dixit, Venture Partner of Dallas Venture Capital has said, "The founders’ pedigree and vision, the company’s continued traction in emerging markets and the huge untapped potential for skills-tech globally, excited us to partner with Disprz. The pandemic has also acted as a catalyst to the rapidly growing skills-tech market. We believe that the DVC Advantage program, focused on start-up companies’ needs in multiple areas such as product and technology strategy, executive mentorship, talent acquisition and with an enhanced focus on business development, would greatly benefit Disprz during this exciting growth phase."
In the near future, Disprz also plans to achieve the vision of reaching a top line of $100 million across the globe.
Last year in October, the company had raised $1.6 million (INR 12 Crore) in a new funding round led by Vikas Phadnis-founded investment and advisory firm Auctus.