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A SaaS-based customer engagement platform for retailers and brands, Karnival has raised $250K in series seed round funding led by We Founder Circle.
The round also saw the participation from marquee investors including Krishna Kumar Founder of Simplilearn, Dravya Dholakia (Dholakia Ventures), Shashwat Kumar (Khetal Advisors Singapore), Abhay Tandon (Corporate Leader), Dinesh Agrawal (Corporate Leader), Avnish Sabharwal (Corporate Leader), Abhishek Kishore Gupta (Corporate Leader), and Suman Das (Corporate Leader).
Speaking on the investment, Neeraj Tyagi, Co-Founder & CEO, We Founder Circle said, “Post pandemic, not only have people become more digitally equipped but also businesses. As businesses are looking for solutions to expand, operate, manage and serve remotely, SaaS and cloud-based solutions will play a big role.”
“Also, for this particular sector, we in India are blessed with both quality talent and economic viability. This together widens the scope for Indian startups like Karnival who are offering global solutions, to make an impact both in India & globally,” Tyagi added.
Commenting on the fundraise, Siddharth Mishra, Founder & CEO, Karnival said, “There is always a need for constant innovation. Karnival is playing the same role in the retail sector. Indian retail industry is worth more than USD 1 Trillion Now, we are trying to leap into a sector that big. The objective is to move from paper-based receipts to smart digital receipts to create an ecosystem keeping customer experience unique. In a very short period, we have already associated with leading retailers and brands, revolutionizing their procedures. We aim at associating with over 500 brands by 2021 FY end.”