New Delhi | 17th January 2020: ProEves India’s largest and fastest-growing childcare discovery and booking platform announced its first round of institutional funding around INR 3.6 Crore. The seed round was led by 1Crowd, and also saw participation by several leading angel investors, including Japan Vyas, Swati Salgaocar, Lloyd Mathias, Apurva Chamaria and others.
“We are excited to welcome 1Crowd and some of India’s most renowned angel investors into the ProEves family as our first investors. ProEves has partnered with over 7,000 day-care centers and preschools throughout India bringing them on a single, comprehensive discovery and booking platform for parents. Further, we plan to build credibility in this highly unorganized $6bn childcare industry through Proeves enabled centres”, said Ketika Kapoor, Co-Founder, ProEves. ProEves works with India’s leading corporates and offers tech-led childcare benefit management solutions for their employees, as India Inc. is setting the benchmark globally in this fast-evolving space.
Divya Agarwal, Co-Founder, ProEves added, “This round marks an important milestone in our journey, over the last 2 years, we have successfully proved our business model by delivering strong growth as well as profitability. This round provides us with the capital to drive the next phase of our growth, which includes ramping up ProEves enabled centres across Mumbai, Bangalore, Delhi-NCR and other major cities, and being the undisputed leader in corporate childcare benefits solutions. Moreover, we also look forward to tapping into the network of 1Crowd and our angel investors for mentorship during this exciting period for ProEves.”
Anil Gudibande, co-founder of 1Crowd said, “We have been following the childcare space for a long time and feel that it is ripe for technology-led growth. The new Maternity Benefits Act (2017) provides further regulatory impetus to the sector, especially on the corporate side, which was already growing fast in the consumer segment. We have tracked ProEves’ progress closely as it has built upon its first-mover advantage in this space to establish a substantial market leadership position. We are pleased to partner with Ketika and Divya, and look forward to a successful association with ProEves in the years to come.”
The transaction received strong backing from India’s thriving startup ecosystem as seen from the participation of several leading angel investors, including founders of other successful start-ups. These include Apurva Chamaria (CRO, RateGain and prominent angel investor), Japan Vyas (Founder, Roots Ventures), Lloyd Mathias (business strategist and angel investor), Akshay Chaturvedi (Founder Leverage Edu), Swati Salgaocar (Director, Vimson Group), Tarun Adlakha (serial entrepreneur & angel investor), Anindya Ghose (distinguished professor of technology, operations, marketing and statistics, NYU Stern School), Arjun Mehta (seasoned finance professional and angel investor) etc.