December 1

India’s Celebal Technologies Gets $32 Million Investment From Norwest Venture Partners

Celebal Technologies, an Indian software as a service (Saas) firm, announced Wednesday it has secured a $32 million minority growth investment from Norwest Venture Partners, a United States-based venture and growth equity investment firm.

Celebal Technologies said in a statement this is the firm’ first institutional investment and marks the beginning of a new chapter in the company’s growth story.

It said the investment will strengthen its foothold in existing markets across North America, India and Asia Pacific as well as fuel its expansion in new territories across Europe, Middle East and Japan.

Some of the funds would be utilized towards increasing delivery capacity and building industry focused solution accelerators, it added.

“We are excited about our partnership with Norwest Venture Partners, who have an enviable track record of building scaled new-age technology companies globally. They understand our business and are passionate about companies in the next-gen cloud, analytics, and artificial intelligence (AI) services segments,” said Anupam Gupta, an IIT Bombay Alumnus and Co-Founder of Celebal Technologies.

Photo courtesy of Markus Spiske.

Source: TechNode Global (link opens in a new window)

artificial intelligence, business development, partnerships