Homegrown cloud storage services startup Digiboxx has raised an undisclosed amount in a pre-Series A funding round led by Chandigarh-based CapGro Private Ltd, at a valuation of $15 million.
The firm, which was started in December last year, achieved a user base of more than 1 million users and aims to become the preferred public cloud storage platform of India, the statement said.
With this round of funding, Digiboxx will focus on its next phase of growth, including product development, penetrating deeper into current markets, scaling operations, expanding its team, and strengthening its technology platform to attract more users in the future.
Founded by Arnab Mitra, Mumbai-based Digiboxx operates digital file storage, sharing, and data management solution platform that allows individuals as well as small businesses to store personal and work data. The funding will also help the company to scale up its core engineering efforts to support customer demand.
“We are thrilled to receive the additional investment support from CapGro. Given the current circumstances, this is indeed a good boost for the entire team. We at Digiboxx have the vision to positively influence people to support homegrown brands. We are working with multiple Indian Data Centres to assure that data is being sorted within the country’s borders,” said Arnab Mitra, Chief Executive Officer, Digiboxx.
“With this fund infusion, we are looking to further expand the company’s research and development (R&D) capabilities and hire the right talent. There is always a demand for the right talent and large established companies get the best talent easily. And as a new company, we have to develop an understanding in them that we are making an impact,” he adds.
The cloud storage platform was launched by Amitabh Kant, Chief Executive Officer, NITI Aayog, and enables individuals and small-medium enterprises (SMEs) to store personal and work data. Digiboxx is optimized for all devices and has access to the internet across all bandwidths in different parts of the country. The platform said it supports eight regional languages and plans to launch more soon, the company said in a statement.
Speaking on the investment, Nitin Narang, Director, CapGro Private Limited, said “We are delighted to have invested in Digiboxx. The company has demonstrated tremendous growth since its inception and has developed a committed and loyal following. We are keen to provide the resources and support to help the company further build and refine its unique product strategy and market position.”