Rocketlane, a SaaS based startup has secured $24 million in its Series B funding round co-led by 8VC, Matrix Partners India and Nexus Venture Partners.

Back in January 2022, Rocketlane raised up $18 million in Series A round while the firm snagged a $3 million in seed round in June 2021.

As per the startup, the new funding will push Rocketlane’s AI roadmap which includes development of advanced features and capabilities for project delivery.

As part of its growth strategy, Rocketlane has also revealed the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao’s expertise will be instrumental in driving the firm’s market presence and strategic initiatives. Previously, he was the CMO of San Francisco-based Pilot.com.

Rocketlane | A SaaS Based Startup

Founded by Srikrishnan Ganesan, Vignesh Girishankar and Deepak Bala in 2020, Rocketlane provides a purpose-built unified workspace for collaborating with customers for onboarding projects. It helps businesses shorten their time-to-value, streamline their software implementation, and provide real-time visibility.

Previously, the trio built an in-app messaging startup FreshChat that was acquired by NASDAQ-listed SaaS firm Freshworks in 2015.

Besides India, it also has presence in the US and Europe. Rocketlane currently has 500 paying customers globally and the US contributes 30% to the company’s total revenue.

Moreover, Rocketlane claims to have tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. The company’s customers include Chargebee, Pando, ParcelLab, Yellow.ai, LinkSquares, Appcues, and Netcore.

Speaking about the investment, Srikrishnan Ganesan, Founder and CEO of Rocketlane, said,

“There is a unique advantage that India SaaS has, it has the unique ability to build lot more products faster and that’s where we are doubling down as well. We are also focussing our investment towards AI innovation within our existing products”.

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