Flipkart Ventures to Invest $500,000 In Algomage The fund will be used to fuel the company's growth and expansion plans
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Mumbai-based AI post-production startup Algomage is set to raise $500,000 in a pre-Series A funding round from Flipkart Ventures. The fund will be used to fuel the company's growth and expansion plans.
Algomage provides professional AI tools and services for digital imaging to enterprises, retail industry and photographers. According to the company, their services are used across a wide range of sectors including large enterprises, retail industry, concerts, theme parks, schools, conferences, award shows, sports, cruises, Photographers Media Agencies, SMB, night clubs, among others.
"Algomage has been contributing significantly to the automate post-production segment and has become a crucial element in the ecosystem. Association with Flipkart Ventures will go a long way in deepening relationships with all stakeholders in the Digital images ecosystem. This fundraiser will help expand the company's operations into newer geographies and yield significant business growth and value in the future," said Anand Rathi, founder and CEO, Algomage.
"This infusion of capital will open up several opportunistic avenues for the company. We are eager to embrace what lies ahead. I am sure this development will motivate every member of Algomage and further ignite their zeal and enthusiasm to do better in the business," he further added.
Founded in 2021, Algomage envisions impacting the lives of photographers worldwide by giving them tools that can truly revolutionize the way they manage post-production.
"Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart's resources and guidance to bring their innovative ideas to life. We are pleased to invest in Algomage as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program," said Lubna Ahmed, Head of Flipkart Ventures.
On Monday, Flipkart Ventures announced that it will back five startups including FlexifyMe, Algomage, Castler, NimbleBox.ai, and ReCircle as part of its Flipkart Leap Ahead accelerator programme.