Binny Bansal, a cofounder of Flipkart, has led a new $25 million investment round in his own startup, xto10x Technologies, which is a scaling platform for growth-stage companies, according to a statement released by the company on Wednesday.
Swiggy cofounder Harsha Majety, Meesho cofounder Vidit Aatrey, Razorpay founders Harshil Mathur and Shashank Kumar, and Cred founder Kunal Shah were among the 28 founders and executives who participated in the funding round from India and Southeast Asia.
According to the company, the funds will be used to expand learning programmes, software tools, and operational capabilities, which will help growth-stage startups accelerate their growth.
“Doing deep operating work with startups and converting that experience into software tools and learning curriculum helped us in building a strong momentum, driving four-fold growth in the past year. In fact, xto10x is already a profitable company,” said Saikiran Krishnamurthy, cofounder, xto10x Technologies.
Bansal and his former Flipkart executives Krishnamurthy and Neeraj Aggarwal launched xto10x Technologies in 2018. He is currently executive chairman at the firm.
“Since we work with most of the investors in the Indian ecosystem and handhold their startups, we would like to keep our platform investor-agnostic. We are still in the early stages of the business and there is still quite a lot of trial-and-error. To the extent that we can, we will try to enjoy the freedom for now,” Krishnamurthy saif on why the company has not sought institutional funding yet.
The company is currently concentrating on scaling its employee NPS tool, which aids top management in startups in engaging and motivating key employees, as well as driving feedback and performance rewards.
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