Hyderabad: Hyderabad-based business discovery platform NowFloats that helps get small businesses online is looking at almost two times growth in its revenue for this year. The startup that closed its books last year at about Rs 20 crore is planning to close this calendar year at around Rs 45-50 crore. “We are anticipating this growth as we are planning to launch new product offerings for our customers and are also targeting new cities in India,” Nitin Jain, co-founder and COO, NowFloats told Telangana Today.
The company that had raised Series-B funding of $10 million (Rs 68.12 crore) via Iron Pillar and IIFL along with Blume Ventures and Omidyar Network in January this year is betting on new customised product offerings. Along with general website development offering, NowFloats is looking at customising websites as per customer requirements. It is also releasing vertical-based products for doctors, educational institutions, manufacturers and more.
“The customised platform works good for large enterprises and will fetch us more revenues in the future. However, the vertical platform will actually see a spike in customer base as it has built-in features,” Jain informed.
NowFloats has launched its B2C product – for which it had acquired LookUp – in Bengaluru. It is planning to launch the product in Hyderabad by June end, for which it is ramping up its product base as well as delivery team. It is currently present in 60 cities now and Jain is confident that by end of 2017, the company will have its presence in 100 cities in India.
“We are planning at collaborating with hotel industry so that we can touch tourist places like Ooty and others. We are also planning to build a team to look after our international market where we want to sell our products,” he added.
Although the company started off with SMS as a tool to manage website, it now offers an app through which merchants can make their website, promote and get discovered through various platforms like Facebook, Google and others. NowFloats want to re-define the market for business websites, where the business owners only have to worry about the content on the website, and the technology takes care of design, performance, discovery (SEO), marketing (SEM), enabling transactions (payment gateway) and customer/lead management.