Hello Readers,
The pandemic has accelerated digital adoption across the world, and Artificial Intelligence (AI)-based low-code/no-code app development platform Builder.ai also saw its business pick up.
It recently raised $100 million in its Series C round, which brought the total funding raised to $195 million. Using the investment, Builder.ai aims to build software and apps that are up to 6X faster and around 70 percent cheaper as compared to other avenues.
Catering to a large segment of small and medium businesses, the company was able to modify its offerings according to the micro-trends in the industry.
“One was that digital and non-digital worlds will merge and we have seen that happen; and secondly, the demand for developers will outstrip the supply,” Sachin Dev Duggal, CEO of Builder.ai, tells YS.
These changes led to an 18X growth in revenue for its flagship product, Builder Studio, since April 2020. The startup also saw positive EBITDA months over the last year, and the company is on its way to reach the $100 million Annual Recurring Revenue (ARR) mark.
With the APAC market accounting for 60 percent of its business, it now plans to expand its business across continental cities in the US, APAC, MENA, and the UK.
Editor’s Pick: Pillow
Arindam Roy, Rajath KM, and Kartik Mishra saw a large gap in the adoption of Decentralised Finance (DeFi) products and services and realised that it would never reach mass adoption if it remained complicated and clunky for regular users.
The trio built and launched Pillow — a digital asset management platform where users can invest and get returns on their crypto (BTC, ETH, and stablecoins like USDC and USDT) in a simple manner. Read more.
Startup Spotlight
Helping fleet owners manage operations
Shridhar Gupta and Vidit Jain realised that commercial vehicle owners don’t have easy, or any, access to modern technology to run their businesses efficiently.
They started LocoNav, which introduces B2B fleet management solutions using IoT (Internet of Things) innovations to streamline operations and drive efficiency. Read more.
Finding jobs for blue-collar workers
According to BetterPlace’s blue collar workforce report, only 8-10 percent of India’s 450 million blue-collar workforce have access to formal jobs, less than 5 percent have access to upskilling opportunities, and only 1-2 percent have access to formal credit.
Founded in 2019, Mumbai-based Meraqui is a tech-enabled platform that provides holistic, end-to-end lifecycle management of grey and blue collared workforce. Read more.
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