Disprz bags $13 million funding led by Dallas Venture Capital, Mars Growth Capital
Enterprise skilling startup Disprz has raised $13 million in its Series B funding round, led by Dallas Venture Capital and Mars Growth Capital.
Existing investors Go1 (an Australian unicorn in this space), Tara India Fund IV being managed by KOIS, Auctus Capital (the family office of Vikas Phadnis, cofounder of Euro Kids) and Kae Capital (a leading seed fund) also participated in the round, the company said.
Disprz will use the capital to build industry-specific product solutio ..build industry-specific product solutions, establish a sales and marketing division in the United States, and expand its existing presence in Southeast Asia and the Middle East.
“Dallas Venture Capital’s founding team are former founders who have scaled and exited start-ups and their understanding of the SaaS space, coupled with their strong network in the US, make them a perfect partner for Disprz as we look to establish ourselves in developed markets, particularly the US,” said chief executive Subramanian Viswanathan.
Founded in 2015 by Viswanathan and Kuljit Chadha, Disprz is an AI-powered learning and skilling suite that helps companies right-skill their workforce for the digital-first world. The company now serves over 1.2 million users.
Disprz counts enterprises such as Wellness Forever, More Retail, Times Internet, Motilal Oswal Financial Services, Godrej Storage Solutions, Hindustan Coca Cola Beverages, KBZ MS General Insurance, Oman Oil, and AIA Group as clients.
“We started out as a single product company, but are now a multi-product company, addressing the skill needs of both frontline and knowledge workers through unique offerings, while solving key business problems,” said Chadha, its chief operating officer. “We are no longer just a good-to-have learning platform but a core business platform that can provide our customers with a competitive advantage.”
The company will go deep into sectors such as banking, insurance, fintech, ecommerce and high-tech, where it has developed deep expertise on skill recognition, skill measurement and skill impact, he added.
According to Disprz, global learning and development spending stood at $360 billion in 2019 and the Covid-19 pandemic has thrown this spending into high gear. The spending is expected to touch $500 billion in 2025.
“By 2025, we aim to achieve the vision of reaching a top line of $100 million across the globe,” the company said.
Disprz aims to replicate the success it has seen in India and the APAC region in major global economies.
“The pandemic has also acted as a catalyst to the rapidly growing skills-tech market,” said Gokul Dixit, Venture Partner at Dallas Venture Capital. “We believe that the DVC Advantage program, focused on start-up companies’ needs in multiple areas such as product and technology strategy, executive mentorship, talent acquisition and with an enhanced focus on business development, would greatly benefit Disprz during this exciting growth phase.”