With the fresh capital, the startup plans to scale up its engineering and product team
Software-as-a-service (SaaS) company Lio announced on Wednesday that it has raised $5 million in seed funding. The funding round was led by Sequoia Capital India and Lightspeed India. With the fresh capital, the startup plans to expand its engineering, and increase the number of users of the mobile app. “The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio’s vision of enabling small businesses to be smarter by leveraging their business data for better decision making,” Anupam Vijayvergia, co-founder and CEO, Lio, said.
While Lio helps its users organise their business and personal data on mobile. it wants to address the gap for mobile first data creation and management software. After seeing strong growth and adoption for its product over the past six months, it has announced the fundraise, the company said in a statement.
“With this investment, we aim to scale up the engineering and product team at Lio. It is a first-of-a-kind platform that enables mobile first users to be a smarter version of themselves leveraging the data templates created by other users in their community, which makes Lio progressively better for every successive use,” Anurag Vijayvergia, co-founder and CPO, Lio, said.
According to Dev Khare, partner, Lightspeed, the pandemic has driven a step function jump in digital transactions for mobile-first small businesses and prosumers. Hence, the need for an easy-to-use mobile-centric platform that enables collection, analysis and sharing of data is more acute than ever, Khare noted.
Lio, launched in November 2020, claims to have crossed one million downloads on the app store within nine months. Moreover, the app entered the Indonesian market in July 2021. The application is currently available in 10 Indian languages and Bahasa Indonesia.