Get All Access for $5/mo

Lio Raises $5 Mn Funding Led By Lightspeed India And Sequoia Capital India The company plans to use the investment primarily to expand the engineering team and increase the number of users of the mobile app

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

Lio, a software-as-a-service (SaaS) company that helps its users organize their business and personal data on mobiles, announced that it has raised $5 million in Seed funding. The investment was led by Sequoia Capital India and Lightspeed India.

The company plans to use the investment primarily to expand the engineering team and increase the number of users of the mobile app.

Lio helps its users organize their data efficiently on their mobile phones. The problem the company is addressing is the lack of high-quality data creation and sharing software built for the mobile-first user. Given that in India alone over 100 million users have come online on the mobile as their first internet device over the past year, globally, there is a large gap for mobile-first data creation and management software. The company has built the product in stealth mode and has now announced the fundraise after seeing strong growth and adoption over the past 6 months.

In July 2021, the app also launched in Indonesia and has seen strong adoption. Currently, the application is available in 10 Indian languages and Bahasa Indonesia, with approximately 45 per cent usage in vernacular languages.

"The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio's vision of enabling small businesses to be smarter by leveraging their business data for better decision making. We aim to achieve this by helping people organize their data using a simple yet powerful mobile app that they can customize to their needs," said Anupam Vijayvergia, co-founder and chief executive officer, Lio.

Lio users can organize their information across 60 data templates which are organized by professional and interest-based communities. These templates are available in communities that are organized by professional affiliation (such as taxi, shopkeepers, restaurant owners, insurance agents, realty brokers, etc.) and by personal interest groups (such as fitness, travel, apartment, etc).

"With this investment, we aim to scale up the engineering and product team at Lio. We are proud to be a first-of-a-kind platform that enables mobile-first users to be a smarter version of themselves leveraging the data templates created by other users in their community, which makes Lio progressively better for every successive user," shared Anurag Vijayvergia, co-founder and chief procurement officer, Lio.

"The global pandemic drove a step-function jump in digital transactions for mobile-first small businesses and prosumers. As a result, the need for an easy-to-use mobile-centric platform that enables collection, analysis, and sharing of data is more acute than ever," added Dev Khare, partner, Lightspeed. "We are proud to partner with Anupam and Anurag to scale-out Lio globally"

Lio had raised an Angel round from names in the industry including AakritVaish, Anupam Mittal, Ashish Hemrajani, Gaurav Munjal, Haresh Chawla, Kunal Bahl, Kunal Shah, Maninder Gulati, MitenSampat, Prakshit Dar, Rohit Bansal, Roman Saini, Sachin Bhatia, Siddharth Rao in March 2021.

Prabhjeet Bhatla

Former Staff

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.