IIFL, Iron Pillar back India's NowFloats

Existing investors Blume Ventures and Omidyar Network also participated in the round, according to media reports shared on NowFloats’ Twitter feed. The company will use the new capital to improve the technology behind its customer support services and expand its client base into new geographies.

NowFloats helps small and medium-sized enterprises (SMEs) improve their online presence in order to connect with potential customers. Its platform gives business owners tools for building and updating websites and for search engine optimization through NowFloats’ proprietary tools designed to automate most of the steps involved.

The company claims its services have been used by more than 230,000 businesses, 80% of which are paying customers, and which register over 11 million unique visitors per month. It plans to focus on India’s tier-two and tier-three cities for the near future, and hopes to expand into Asia and the US with the help of Iron Pillar and other investors.

NowFloats has raised three funding rounds since its 2012 founding, including the Series B. AVCJ Research shows that Blume participated in both the 2013 seed round and the Series A round in 2015, in which Omidyar also took part.

Many Indian SMEs are looking to grow their online presence, but lack the time and expertise to build their own websites and service platforms. A number of VC-backed start-ups seek to simplify the process with their proprietary tools, such as internet development platform provider Altizon Systems and customer service platform Helpshift.

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• Topics
• South Asia
• Support services
• Technology
• Early-stage
• India
• IIFL Wealth Managment
• Blume Ventures
• professional services