Kaagaz Scanner, a Indian document scanning and storage app, has raised $575,000 in a funding round led by Pravega Ventures, alongside Axilor Ventures, Better Capital and a few prominent angel investors, including Phanindra Sama (Founder of RedBus), Farooq Adam (Founder of Fynd) and others.
Launched in 2020 by Snehanshu Gandhi, Gaurav Shrishrimal and Tamanjit Singh Bindra, Kaagaz Scanner has been installed on more than 1.9 million phones and more than 90,000 people use the app every day and more than 50 million pages have been scanned using Kaagaz so far, the company said in a statement.
Earlier, the company had raised capital from First Cheque and Axilor Ventures as part of a pre-seed funding round.
“Today, a smartphone is at the epicentre of most of our personal and business exchanges,” said a Pravega Ventures spokesperson. “The Kaagaz team aims to leverage their proprietary mobile-based document scanner and create a repository of documents in their quest to become a key node in the exchange and storage of information for their users. Their AL and ML-based approach is going to change how people have used utility apps till now.”
Commenting on the fundraising, cofounder Snehanshu Gandhi said, “We plan to use this fresh round of funding to accelerate growth for Kaagaz Scanner and to increase our team size to speed up product development. Along with the app, we are also looking to build a suite of AI-powered utility tools for our users that will help them manage their day-to-day tasks seamlessly.”
Kaagaz Scanner has also been acknowledged by the government as part of the Atmanirbhar App Challenge where it was given a special mention in the office apps category. With a focus on privacy, the app has been designed for use completely offline, without the need for a sign in. It has no ads and has unique features such as custom watermarking. The app is available in eight Indian languages.
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