Bangalore-based data analytics startup Frrole has raised seed investment of $245,000 from a group of prominent angel investors.
Bangalore-based data analytics startup Frrole has raised seed investment of $245,000 from a group of prominent angel investors.
The list includes Google India managing director Rajan Anandan, Eka Software Solutions founder Manav Garg and tech evangelist Sharad Sharma. The deal happened via LetsVenture which is a collaboration platform to raise funding for start-ups. Founded by Amarpreet Kalkat, Frrole is a big data startup specializing in analysing Twitter data analytics, particularly, time and location-focused insights for its customers, by mining and analyzing more than 10 million tweets daily.
The equity investment, a first for Frrole, which has been bootstrapped by its founding team so far, will be used by the company to build its team, according to a senior company executive.
"We will be using the proceeds to put a team in place, since it's been just the three co-founders so far. We are looking to add at least another three to four people, as we look to build the business in the next 12 months," said Amarpreet Kalkat, co-founder and chief executive, Frrole.
According to Kalkat, the startup, which has already broken even, is targeting revenue of between $1 million and $2 million in the current financial year.
"At this point, we are India-focused, but we are looking to move into different geographies as well. We are looking at the retail and financial services segments," Kalkat said.
The two year-old startup, which was founded by IIM Kozhikode graduates Kalkat and Nishith Sharma and IIITM graduate Abhishek Vaid, is one of the handful of companies, globally, which are Twitter-endorsed partners.
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