Mobile App Speeds Gets Funding From Rajasthan Angel Investor Network
Delhi-based ALBJ Technology Ventures Pvt Ltd, which is launching its mobile app Speeds next month, has raised an undisclosed amount of angel funding from Rajasthan Angel Investor Network (RAIN). The deal was closed in March this year. Speeds will help reduce mobile data costs and accumulate real time market insights. It will act as a gateway between the user’s mobile phone and the internet.The firm will use the funds to launch and market the product in India.
RAIN, an angel network that invests in the early-stage, has invested in about a dozen startups and is now looking to back overseas ventures as well.Some of its recent investments include BLACKbox, an IT firm run by Gujarat-based Synersoft Technologies Pvt Ltd; Toko Innovations Studios Pvt Ltd, which owns and operates children’s entertainment portal Imaginry; Jaipur-based Blue Box Media Pvt Ltd among others.
Founded in 2014 by Nitin Saxena, Parthasarathy Ramanujam and Hemant Kumar, the Speeds app is based on a technology which shrinks data and increases transmission speed. The firm claims users can save 70 per cent on data with Speeds app. “We invested in Speeds because of its path breaking technology and its access to a huge market with bad internet speed, specially in India,” said Mahavir Pratap Sharma, chairman, Rajasthan Angel network.
Talking about competition in this space, Saxena, co-founder of Speeds, said, “there are number of B2C and B2B products in this sector however our solution is a blend of technology which not only serves B2B but also the B2C market. We are launching via B2B model to exploit its potential fully. Most B2B solutions require complex installation But, ours is a simple plug and play model without any additional implementation cost.”
Before co-founding this venture, Saxena worked in customer service operations with Wipro, HCL and Steria. He holds a BTech degree in electrical engineering from UPTECH University. Ramanujam, a technology enthusiast, has worked with Steria and Ticket4U. Kumar holds a MTech in computer science from Kota University.Speeds has already gained interest from major Indian telecom operators, wifi operators and video streaming sites. The company plans to ramp up its six-member team following the fundraise.
“We are in product development stage and almost in last phase to complete the product. We expect to launch it within a month,” Saxena further said.“India has 236 million mobile users and is witnessing a 12 per cent growth in data traffic every year. There are lot of opportunities in India for video streaming, images, data, textual data from B2C and B2B market point of view. We are also looking at the global opportunity,” he added.
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