UditCub McPaws, a Mumbai based Augmented Reality, has now secured $800k in Pre-Series A funding round from a clutch of investors from Dubai, India, Japan, and the US.
Some of the existing investor Samyakth Capital also participated in the funding round. The startup had earlier Pre-Seed funding round from Venture Catalysts in December 2019.
The startup plans to use the new funds to scale up its distribution capabilities, enhance its technology offering, apart from expanding its customer base. The startup also added it is looking at Series A funding very soon and that it will also hire senior professionals.
“Cub McPaws is already a phenomenon among kids and parents across India. The new investment will help us scale our technology offering and create a complete range of products. We will explore international markets where our products have generated significant interest . We are in discussion with an ex-Facebook, Uber senior executive to head our technology team”, said co-founder Abhay Bhat.
“Further, this will add benefits of scale, thereby increasing our gross margins significantly. Receiving this investment during such difficult times also shows the strength of our business model,” he added.