On Friday, Indore based SaaS start-up BuildPan announced a raise of $500,000 from SOSV, 9point8, and PayPal India Head. This singular event has raised the start-up’s value to $5 million.
According to co-founder and CFO of BuildPan, Sonal Dandotia, the aim is to occupy about 1.5% of the global market size before the end of the year 2020. This investment can be used to catalyze growth, technology, and infrastructure and hence achieve the aim. The current MRR (monthly recurring revenue) of BuildPan is $50,000/month. By the end of 2020, they aim to raise it to Rs. 10 crores.
Sonal Dandotia, Vaibhav Tiwari, and Virendra Chouhan together found BuildPan in the year 2019. This start-up is based in Singapore and India and is known to have recently brought Anthony Wentzel on board as co-founder and Chief Technology Officer. Formerly, Wentzel has worked with NASA, Microsoft, and Amazon.
Many companies, including big ones like Microsoft, Amazon, IBM face difficulty with the whole time-consuming process of building an app for launching it. The AI engine of BuildPan provides auto-suggestions that are useful in fastening the process of app building. It also leads to improved quality of apps before they are launched on Android and iOS.
Swastik Bihani, Head of PayPal India said, “Modern-day software development cycle driven by CI/CD platforms, cloud-based software, and BuildPan is in the absolute vanguard of companies, driving faster and more effective integration and development solutions across multiple hybrids and native platforms.”
According to reporting by SaaSBOOMi, from 2019 to 2025, the global SaaS market is expected to grow from 8% to 2.6%. In other words, the expected growth is from $1.5 billion to $10 billion.
Partner at SOSV, Oscar Ramos said, “The team behind BuildPan has shown the ability to not only launch world-class technology but also to identify the real needs of mobile developers, iterating their product in a very agile way. We are looking forward to working together with them to bring world-class CI/CD platforms to developers all over the world.”
SOSV has assets worth $750 million under management whose focus is mainly on seed and early-stage developments. This also makes SOSV the 4th most active investor in India.