Celebal Technologies, which specialises in AI, big data, and enterprise cloud, has received its first institutional funding from Norwest Venture Partners, who will acquire a minority stake in the company for USD 32 million (about Rs 261 crore).
The startup from Jaipur said that the investment would help it expand into Europe, the Middle East, and Japan and strengthen its presence in its existing markets in North America, India, and the Asia-Pacific region. The funds will be used to build solution accelerators and increase delivery capacity.
Anupam Gupta and Anirudh Kala founded Celebal, which in addition to being a partner for Microsoft Azure, employs more than 1,600 software developers and provides services to more than 100 clients globally.
Co-founder Kala, who also serves as Celebal’s CEO, expressed confidence that Norwest’s extensive business and technology services sector knowledge, combined with its global portfolio presence, will aid in strengthening and expanding the company’s operations in important markets and emerging industries like sustainability.
Leading venture and growth equity investment company Norwest Venture Partners is headquartered in the US.
For the deal, Shardul Amarchand Mangaldas served as Celebal’s exclusive financial advisor, and Avendus Capital served as the company’s legal advisor.