Celebal Nets $15 Mn To Build AI Solutions For Energy, Manufacturing Sectors

IT services provider Celebal Technologies has raised $15 Mn (around INR 127.2 Cr) in its Series B funding round from InCred Growth Partners Fund-I and Norwest Capital, LLC.

The startup plans to deploy the fresh proceeds to boost its expansion in key overseas markets, including North America and Europe, while bolstering its capabilities in building AI-powered industry solutions.

Additionally, the company will use the capital to drive growth initiatives and strengthen strategic account management, with a focus on building industry-specific AI solutions in verticals such as energy, manufacturing, retail/CPG, life sciences and financial services.

Avendus Capital was the exclusive financial advisor to Celebal on the deal.

Founded in 2016 by Anirudh Kala and Anupam Gupta, Celebal is an AI and data software solutions provider. It’s a leading services partner for Databricks and Microsoft, enabling digital transformation for over 250 enterprise customers across the globe.

The company currently employs over 2,000 professionals globally. It raised an undisclosed debt . The startup in its first institutional fundraising from Norwest Venture Partners in 2022.

The funding comes at a time when Celebal claims to have more than doubled its revenue, headcount, and international presence since its previous fundraise in September 2022.

On the financial front, the startup saw its standalone net loss skyrocketing to INR 63.23 Cr in FY24 against the net loss of INR 1.6 Cr in the previous fiscal year. However, the operating revenue in the year ending March 2024 also increased to INR 274.9 Cr from 192.7 Cr in FY24.

The startup operates in the enterprisetech sector, alongside fintech and consumer services. Moreover, the funding amount for the enterprisetech sector zoomed 38.5% from $1.3 Bn in 2023, when 150 startups bagged capital.

From the segment, Whatfix’s $125 Mn also emerged as one of the largest funding rounds of last year.

Amid the explosion of AI and automation in recent times, the sector has been reflecting a strong potential for growth and profitability. Moreover,with Zoho, Zetwerk, Postman, Freshworks, and Uniphore as the notable ones.

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