Nuvepro Technologies, a Bangalore-based startup that provides managed cloud solution services, has raised ₹2.5 crore ($400,000) in its seed funding round. The investment was raised through an angel investment platform 1crowd.
The company has said that it will use the funding to enhance research and development efforts. Part of the funding will also go towards expansion of business and offerings.
1crowd, which invested in the company, is a platform that is focused on early stage ventures. As per the company, it has more than 500 investors, 50 mentors and has made over 12 investments since March 2016.
Commenting on the funding, Anup Kuruvilla, co-founder of the company, said,
Nuvepro would be able to form a bridge between enterprises and cloud providers by driving faster adoption. The underlying business model of providing ready-to-use cloud infrastructure on a subscription or pay-as-you-go basis is a strong pull for enterprises.
The startup was founded in 2014 by Janakiraman S, Giridhar LV, Umesh Bhatt, Moyukh Goswami and Rajesh Vasudevan. The platform ensures that CIOs have complete control over resources, hierarchy, and subscription management.
According to Gartner, India’s Public Cloud services market is projected to grow 38 percent in 2017 to hit $1.81 billion and the highest growth will continue to be driven by IaaS. By 2021, the cloud IaaS market will exceed $2.1 billion in end-user spending.
On the other hand, a report “India Cloud Computing Market Forecast & Opportunities, 2020” suggests that the market for cloud computing services in India is projected to grow at a CAGR of over 22 percent during 2015-2020.