B2B SaaS startup Kennect raises $700K in a Seed round led by FortyTwo.VC

Delaware and Mumbai-based Kennect, a business-to-business (B2B) SaaS sales acceleration startup, has raised $700,000 (approx. Rs 5.57 crore) in a Seed funding round led by FortyTwo VC. FortyTwo VC is a Dallas, Texas-based venture fund with an investment focus on disruptive enterprise tech opportunities.

Founded in 2017 by Pulkit Agrawal (an IIT Bombay Alumni and an EY consultant) and Pralok Chhajed (previously worked with Takeda Pharmaceuticals, Northeastern University Alumni), Kennect provides a cloud-based no-code platform to automate incentive compensation management, improve sales rep engagement and drive sales performance. 

The startup said it aims to become the preferred and most flexible, intuitive, user-friendly solution for sales incentives. It helps improve sales productivity by providing performance and incentive visibility for the sales reps.

"We all know sales is hard and managing sales compensation can be a pain point for many companies," said Pulkit Agrawal, Co-founder & CEO of Kennect. "Kennect aims to reward the hard work of every sales professional through an incentive platform that helps them stay on top of their incentive earnings. With its intelligent nudge feature, every sales rep is now aware of their next best action in real-time to boost their take-home compensation," Pulkit said.

According to the statement, The startup has targeted to enable more than 100 enterprises for adoption over the next 2 years. Some of its marquee customers include Indian and global pharmaceutical companies like Sanofi, Zydus, Lupin, AstraZeneca, and Lonza, amongst others.

With this round of funding, Kennect plans to ramp up its engineering team and expand its commercial presence in the North American and European markets.

"Incentive design and management is a critical part of successful sales strategy. Kennect is building the new age incentive compensation tool for the Global Life sciences industry," it said.

Commenting on the investment, Asutosh Upadhyay, Co-Founder & General Partner at FortyTwo VC.‍, said, "The team at Kennect - Pulkit, Pralok and Omkar have built the foundation for a great business. They have a leading platform, a marquee list of customers and a solid global GTM strategy."

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