Hubbler Raises $1.50 Million In Seed Round
Funds will be utilized to enter new markets globally and increase user base
Hubbler on Tuesday announced to have raised $1.50 million from Artha Venture Fund, Unicorn India Ventures, and LenDenClub Alpha in seed round. This is the first external funding round for the startup. Funds will be utilized to enter new markets globally and increase user base.
No-code or no-code/low-code (NCLC) technology, as commonly referred to in the industry parlance, is gaining traction globally as it has democratized building applications through a visual drag-and-drop interface, removing the need to write complicated codes.
"No-code demand is growing rapidly, and we are seeing opportunities waiting to get explored. We plan to expand in the international market and process 10 times higher transactions by 2023," said Vinay Agrrawal, founder, Hubbler.
More than 65 per cent of application development will be through NCLC technology by 2024, according to US-based IT research and consultancy firm Gartner. Indian tech industry association NASSCOM projects that the NCLC market in India will grow 10 times to $4 billion by 2025.
"The back end of developing complex applications has been a hurdle in scaling a business, a problem valued at $11.45 billion in 2019 before the hyper-scale achieved in the pandemic. Hubbler is tapping into this nascent market with a founding team with deep operating knowledge and a stellar drive," said Anirudh Damani, managing partner, Artha Venture Fund.
The company has over 50 enterprise customers, including three unicorns, and wants to increase it by five times by the end of 2023. The platform handles over a million monthly transactions and has built over 1,000 applications for enterprises and partners. The company plans to increase the number of transactions by 10 times in the next 12 months.