New Delhi: Delhi NCR-based office tools app Kaagaz on Friday said it has been accepted in an accelerator program of US-based Y Combinator, where early-stage startups are supported with upfront funding of USD 500 thousand or about Rs 3.7 crore.
Kaagaz will get to demonstrate its solution before over 1,000 global investors at an event organised by YCombinator, after three months of the accelerator program, Kaagaz CEO Snehanshu Gandhi said in a statement.
“YC is one of the most successful accelerator programs in the world. The upfront funding of USD 500,000 is a big boost for a startup in early stages to help hire the right team, build the product, gain traction etc. And as the 3-month program completes, YC has a Demo Day where all startups in the batch get to present in front of over 1,000 global investors and raise more funding,” he said.
Kaagaz has earlier raised about USD 625,000 in capital from Pravega Ventures, Axilor Ventures, Better Capital and First Cheque, along with angel investors like Farid Ahsan of Sharechat, Farooq Adam of Fynd, Phanindra Sama of RedBus.
Kaagaz, launched in 2020, as a document scanning app and gradually added PDF reader, PDF editor, cloud storage etc in its offerings.
The company claims to have registered over 10 million downloads and has 2.5 million active users.
“Along with funding, the startup becomes a part of a 3000+ strong community of startups like Mesho, Razorpay, Airbnb etc. – which gives us an opportunity to learn from the maestros,” Gandhi said.