Surat-based artificial intelligence startup Rocket has entered advanced discussions to raise between $40 million and $50 million in a fresh funding round that could value the company at nearly $500 million, according to people familiar with the development.
The funding round, which 360 ONE Asset expects to lead, reflects the growing investor confidence in AI-powered software development platforms. Previously known as DhiWise, Rocket enables users to create applications using plain-language prompts, making app development significantly faster and more accessible. As a result, the company has emerged as one of the prominent AI coding and app-building startups attracting global investor attention.
According to the people cited above, 360 ONE Asset is expected to invest between $20 million and $25 million, while other investors are likely to join the funding round.
If the transaction closes on the current terms, Rocket will achieve a remarkable valuation jump in less than a year. Notably, the company secured $15 million in funding from Salesforce Ventures, Accel, and Together Fund at a valuation of nearly $60 million during its previous fundraising round.
Moreover, the company plans to deploy the fresh capital to strengthen its artificial intelligence capabilities, accelerate product innovation, enhance platform development, and expand its global go-to-market strategy.
“The key test will be whether it (Rocket) can convert early adoption into durable revenue,” said one person.
“The AI app-building market is growing rapidly, but it is also crowded and fast-moving, with competition from specialist startups as well as large model companies,” the person said. “Investors are betting that Rocket’s India-built engineering base and global user traction can help it carve out a position in the production-grade app-building segment.”
Rocket did not respond to an email seeking comments, while 360 ONE declined to comment on the matter.
Founded in 2021 by Vishal Virani, Deepak Dhanak, and Rahul Shingala, the startup initially operated as DhiWise, a developer workflow automation platform that enabled engineers to transform software designs into production-ready code. However, the founders later repositioned the business as Rocket, an AI-native platform that allows startups, product managers, agencies, and enterprise teams to build applications directly through text prompts.
Meanwhile, the proposed fundraising arrives at a time when venture capital firms continue to back AI startups that demonstrate strong early-stage global traction, despite maintaining a selective investment approach across the broader startup ecosystem.
Last week, it was reported that investors have started writing larger early-stage cheques while becoming increasingly selective about companies that show faster business momentum. Indian startups raised $3.34 billion across 608 early-stage and seed funding rounds during the first half of 2026. In comparison, startups in the country raised approximately $2.96 billion across 1,055 early-stage and seed rounds during the first half of 2025.
Furthermore, AI coding assistants and AI-powered application development platforms have become one of the fastest-growing segments within enterprise software. Global companies such as Cursor, Lovable, Bolt, and Replit have also attracted significant investments while securing premium valuations.
Rocket’s growth journey has remained closely linked to its strategic transition from DhiWise. During last year’s $15 million funding announcement, the company revealed that its platform had surpassed 400,000 users, including more than 10,000 paid subscribers spread across 180 countries. Additionally, the startup reported that it had achieved $4.5 million in annual recurring revenue within just a few months of launching its AI-native platform.
For 360 ONE, the proposed investment would further strengthen its expanding portfolio of next-generation technology companies. The investment firm has actively increased its exposure to venture capital and private equity opportunities while focusing on sectors such as generative AI, frontier technology, fintech infrastructure, and consumer technology.
Recently, Sarvam AI also entered the unicorn club after securing a $234 million funding round led by HCLTech, which participated as a strategic investor.
As investor enthusiasm for artificial intelligence continues to accelerate, Rocket’s latest fundraising discussions highlight the increasing global demand for AI-powered app-building platforms developed in India. If the funding round concludes successfully, the company will significantly strengthen its competitive position, accelerate product innovation, and expand its international footprint while reinforcing India’s growing influence in the global AI startup ecosystem.
