Goodera gets 80 Cr Funding
Goodera, a firm that encourages employee volunteering, has secured INR 80 Cr ($10 Mn) in capital from a number of investors. Zoom Ventures, Elevation Capital, Xto10X Technologies, Nexus Venture Partners, Omidyar Network India, and angel investors took part in the funding round. Ursula Burns, a former executive at Xerox, and Binny Bansal, the co-founder of Flipkart, were also investors.
With the money, Goodera will strengthen its product line and scale up its infrastructure. The investment will also be used by the startup to expand its technology stack and hire new staff.
Goodera also sold its India corporate social responsibility (CSR) platform business to donation platform Give as part of a deal that took place concurrently. According to Goodera, the sale will enable it to concentrate on the international expansion of its volunteering platform.
“Without investing time and effort in volunteer management, millions of employees can now volunteer. We take great pride in the positive social impact we have had on thousands of charities, as well as the happiness and understanding we have given to millions of workers. Abhishek Humbad, CEO and founder of Goodera, said that the money raised will enable us to expand our infrastructure and enable millions of employees to volunteer.
“Goodera’s rise in the last two years is the incentive that the market offers you to build unique solutions from 0 to 1, ” Elevation Capital’s Ravi Adusumalli said, reiterating the sentiment. We are thrilled to continue assisting them with scaling because Abhishek and the team at Goodera have unrivalled knowledge in the field and are creating an entirely new category with their employee volunteering solutions.
Humbad and Richa Bajpai founded Goodera in 2014 to help businesses scale their employee volunteerism. The startup curates volunteer opportunities across causes from more than 50,000 non-profits and has presence in more than 100 countries and support in more than 20 languages.
The startup also provided Indian businesses with a management platform to track and evaluate the social impact of their CSR investments. This vertical was sold to Give as a part of a different transaction.
The most recent round of Series B funding for Goodera came in 2018 in an undisclosed amount from SAIF Partners, Nexus Venture Partners, and Omidyar Network. Prior to that, in 2017, Nexus Venture Partners and Omidyar Network provided $5.5 Mn in Series A funding to the company.
More than 10 million employees have so far had volunteer opportunities thanks to the platform. According to Goodera, the business intends to raise this figure to over 100 Mn by 2025.
Startups like Chezuba, based in Hyderabad, and major international companies like Salesforce and Alaya compete with Goodera.