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Exclusive: Salesforce Venture to lead $15 Mn in app builder Rocket.new

EntrackrEntrackr · 3m ago
Exclusive: Salesforce Venture to lead $15 Mn in app builder Rocket.new
Medial

url: https://entrackr.com/exclusive/exclusive-salesforce-venture-to-lead-15-mn-in-app-builder-rocketnew-10068354 Content: Mobile app builder Rocket.new (formerly Dhiwise) is set to raise Rs 131.4 crore or $15 million in its extended Series A round led by Salesforce Ventures and existing investors Accel and Together Fund. This marks the first significant funding for the four-year-old company in three years since it raised $7 million in August 2022. According to its filing with the Registrar of Companies, Rocket.new’s board approved issuing 4,81,718 Series A1 CCPS at Rs 2,728 each to raise the specified amount. Salesforce Ventures will lead the round with an investment of Rs 74.46 crore ($8.46 million), with Accel and Together Fund also partaking in the funding. The company plans to utilize the proceeds for growth, expansion, and working capital needs. Entrackr estimates that the Surat-based company’s valuation will more than double to Rs 545 crore ($62 million) from its previous valuation of Rs 256 crore in its last funding round. Post allotment, Accel will become the largest external shareholder, holding an 18.87% stake, with Salesforce Ventures at 13.68% and Together Fund at 5.62%. Co-founders Vishal Virani and Rahul Shingala will maintain a collective 36% stake in the company. Founded in 2021 by Vishal Virani and Rahul Shingala, Rocket.new is an AI-powered no-code/low-code platform enabling users to build and launch apps, websites, and tools from simple prompts or designs. The company, according to startup data intelligence platform TheKredible, raised over $9.5 million previously from investors like Accel, India Quotient, Together Fund, and Dholakia Ventures. Rocket.new reported Rs 3.5 crore in revenue for FY24, with losses increasing by 46% to Rs 11 crore, as per its standalone financials filed with the RoC.

Accel-backed OpenFX appoints former CoinDCX AVP as India product lead

EntrackrEntrackr · 16d ago
Accel-backed OpenFX appoints former CoinDCX AVP as India product lead
Medial

Accel-backed OpenFX appoints former CoinDCX AVP as India product lead In his LinkedIn post, founder and CEO Prabhakar Reddy said that the company is also hiring across engineering, product, and operations. OpenFX, a fintech infrastructure startup for cross-border payments, has appointed a former CoinDCX executive Sourav Karmakar to lead its India business. The firm has also appointed Alex Rowles as Head of Trading and Risk and Ethan Mackie to lead Product Operations. For India, Karmakar has been appointed as INR Product Lead. Formerly India AVP Product at CoinDCX, he has joined OpenFX to lead the company’s INR-focused cross-border remittance offerings for businesses. His role includes developing INR payment infrastructure for cross-border transactions and overseeing OpenFX’s expansion in global B2B payments. Beyond crypto, Karmakar has experience across fintech and consumer internet businesses. His previous roles include positions at WhiteHat Jr, Vedantu, DocsApp–MediBuddy, and Koo. Founded by serial entrepreneur Reddy, former co-founder and COO of FalconX, OpenFX is building a real-time FX network for near-instant cross-border settlements. The platform claims to make FX transfers 99% faster and up to 90% cheaper, while running round the clock throughout the year, without the limits of banking hours, weekends, or holidays. The development comes six months after OpenFX’s $23 million seed funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, and others. At the time of the fundraise, the company had a team of 42 operating globally across the US, UK, UAE, and India.

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