Covalensedigital, a disruptor in subscription monetization announced a Series A equity raise from SIDBI Venture Capital Limited (https://www.sidbiventure.co.in).
Covalensedigital will leverage the funds for the future roadmap of its flagship platform ‘Csmart’, targeting Mobile Virtual Network Enabler (MVNE) & Mobile Virtual Network operator (MVNO) segments along with 5G Monetization and scale internationally.
Commenting on the occasion, Mr. Sreenivas Peesapati, Founder & CEO said “We founded this company to address the MSME segment by making the solutions lightweight and affordable. Now we are moving to the next level in communications sector by making our Csmart platform available on SaaS models to take this to the global market. We are thankful to the team at SVCL for believing in our vision and backing us on our expansion plans”.
CEO of SIDBI Ventures, Mr. SP Singh quoted “We are happy to partner with Covalensedigital, a niche company which is trying to develop a unique platform. We believe that their focus and deep domain knowledge will help them to win the market. This is our first investment out of “Ubharte Sitaare Fund”, for MSME’s focused on scaling up in the export markets. Wishing them all the best".
About Covalensedigital: Covalensedigital has steadily grown into a strong SaaS company driving subscription monetization business solutions on the cloud. Our organization prides itself on providing unique products and solutions to our clients globally across different industry verticals.
About SIDBI Ventures: (https://www.sidbiventure.co.in): SIDBI Venture Capital Limited (SVCL), incorporated in 1999, is an investment management company and a wholly owned subsidiary of SIDBI (www.sidbi.in), the Apex Financial Institution in India for the MSME sector. “Ubharte Sitaare Fund” is the eighth fund set up and managed by SVCL.
Covalensedigital raises Series A funding from SIDBI Venture Capital (viestories.com)
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