Hashtaag start-up raises $1 mn for expansion
Bengaluru: Mobile applications developing start-up Hashtaag on Thursday announced raising $1 million (Rs.6.7 crore) through angel funding to expand its operations in domestic and overseas markets.
“The funding will enable us to hire more talent, build better products and expand our operations in India and globally,” said Hashtaag Chairman and Co-Founder Krishna Vemula in a statement here.
The city-based, year-old engineering firm works with entrepreneurs and start-ups to develop mobile apps that transform businesses through product strategy consultation, cross-platform development, quality assurance and support.
The firm is also a development partner of mobile apps such as Doors, Shouut, Paperboy, FaceChat, Curiocty,AandALogoon, owned by celebrity icons and serial entrepreneurs.
“We plan to ramp-up headcount to 100 plus from 40 by this year-end and set up offices in Chennai and Mumbai. Our San Francisco office caters to serial entrepreneurs in the US,” said other co-founder B.N. Jayavardhan.
The company sought funding to also support product research and development on the strength of posting $1 million revenue in the first year of operations.
“As mobile apps need premium design and development, we are working to provide excellence to our clients. Angel investors are recognising our potential to capture a slice of the growing market,” said Jayavardhan.
According to multinational professional services firm Deloitte, India is set to become the largest base for mobile app developers by 2017, while global research and advisory firm Gartner predicted that 42 per cent of enterprises would increase spending on mobile app development by about 30 per cent this year.