New Delhi, May 13 -- Software services company Celebal Technologies has secured $15 million (about Rs 127 crore) in Series B funding, as the startup looks to increase its presence across key markets.

Jaipur-based Celebal said it raised the funding from financial services company InCred's private equity fund and existing venture capital backer Norwest Venture Partners.

The latest round comes roughly two-and-a-half years after the company secured funding from Norwest, which picked up a minority stake in the startup.

Avendus Capital acted as the sole financial advisor to Celebal for the new round.

Celebal plans to accelerate expansion in key markets across North America and Europe. The funding will also provide the company capital for growth initiatives and strategic account management for growth, which includes the development of AI-driven industry solutions across categories like energy, manufacturing, retail, life sciences and financial services.

From its previous capital raise from Norwest, the company claims to have doubled its revenue, headcount and international presence. As per VCCEdge data, Celebal's revenue from operations jumped roughly 43% to Rs 274.81 crore in the financial year 2023-24 from Rs 192.34 crore in the preceding year. However, its loss widened to Rs 61.4 crore from Rs 1.3 crore.

Celebal was founded in 2016 by Anirudh Kala and Anupam Gupta. The company provides digital transformation services to over 250 enterprise customers globally in areas such as generative AI, machine learning, data science, industry data models, infrastructure and database migration, SAP extend and innovate, app modernization, and enterprise cloud integration.

The company boasts of a workforce of more than 2,000 employees with presence in the US, India, Asia Pacific, the UAE, Europe, and Canada. Its clients include Microsoft and Databricks, which last year invested an undisclosed amount in debt funding in Celebal.

"In a short span, Celebal has emerged as a global AI services leader with a strong focus on the Databricks and Azure ecosystems through its focus on domain knowledge and robust operations. We are highly bullish on the roadmap set out by Anupam and Anirudh and believe that this investment will provide them the impetus to scale operations globally," said Shiv Chaudhary, managing director at Norwest.

Published by HT Digital Content Services with permission from VC Circle.