Lio raises $5M from Lightspeed, Sequioa
Lio, a SaaS startup, announced that it has raised $5 million in a seed round led by Lightspeed India Partners and Sequoia Capital India.
The company plans to use the freshly raised funds to recruit more engineers and grow users on its mobile app. At present, the app claims to have more than one million downloads and has also launched in Indonesia. The platform also runs in 10 Indian languages as it has a user base of 45 percent non-English speakers.
In a statement, Anupam Vijayvergia, Co-founder and CEO of Lio said, “The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio’s vision of enabling small businesses to be smarter by leveraging their business data for better decision making. We aim to achieve this by helping people organize their data using a simple yet powerful mobile app that they can customize to their needs.”
Founded in November 2020 by Anurag Vijayvergia and his twin brother Anupam Vijayvergia, Lio enables businesses to calculate, tabulate, and organize tasks like making to-do lists, wedding registries, and class schedules. The product can be utilized by home businesses, solo business owners, farmers, doctors, and small to medium businesses, among others.
Speaking about the funding, Anurag Vijayvergia, Co-founder and CPO, Lio said, “With this investment, we aim to scale up the engineering and product team at Lio. We are proud to be a first-of-a-kind platform that enables mobile-first users to be a smarter version of themselves leveraging the data templates created by other users in their community, which makes Lio progressively better for every successive user.”
Lio had earlier raised funds in an angel round from CRED founder Kunal Shah, Snapdeal ‘s Kunal Bahl, Unacademy ‘s Gaurav Munjal, and Haresh Chawla, among other leading angel investors.
Commenting on the investment, Dev Khare, Partner at Lightspeed said, “The global pandemic drove a step-function jump in digital transactions for mobile-first small businesses and prosumers. As a result, the need for an easy-to-use mobile-centric platform that enables collection, analysis, and sharing of data is more acute than ever.”
Lio seems to have had an impressive growth trajectory in such a short time since its launch. I’m sure the company will continue to reach new pinnacles of success in its journey ahead. My best wishes to the team of Lio.Shishir Gupta, Founder and CEO, StartupLanes
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