Deskera, a Singapore-based venture-backed cloud-based start-up just announced a successful fund-raising round of USD 60 million with heavy-hitters such as Cisco Investments and Susquehanna International Group throwing their names into the ring.
By Joanne Leila Smith
Depending on which poll or online rating you believe, what it interesting about this development is in a very short time, Deskera is giving big brands a run for their money in small business accounting, customer relations, and human resource management mixing it up with the stalwarts like QuickBooks and Sage.
Investors includes: Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group, and InnoVen Capital.
After the high-fives and chest bumping settled down, the investors were quick to shower praise on their latest investment in Deskera.
“Deskera continues to break new grounds with its award-winning platform for SMEs – and we are excited to be a part of their journey. Deskera is changing the rules of the game – and with its exciting product portfolio, it will change the way SMEs work across Asia,” says Jungle Ventures Managing Partner Anurag Srivastava.
Deskera CEO Shashank Dixit says their focus is singular. To give SMEs access to leading-edge technology.
“Today we take another step towards that mission. With this investment, we aim to add more innovative solutions to our portfolio and to continue our global expansion,” says Dixit.
In-conjunction with the funding, Deskera announced the launch of Desk – a B2B commerce platform for SMEs. Desk is an Integrated B2B platform for SMEs that brings together vendors, logistics, payments and customs under one platform.
What will be advantageous for SMEs in this space is that they will now have access to technology and digital advantages previously only enjoyed by larger enterprises; it’s never been easier to enter and compete on a local, regional or even global level. This means more competition drives the price point down and feature-set up for the SME. Being cloud-based, SMEs will be able to scale their costs as they grow without the need to make large capital investment upfront.
Founded in Singapore, Deskera offers a cloud-based platform to SMEs in the region. SMEs use Deskera to track accounts and finances, manage customers and resources.
Cisco Investments Managing Director Rajiv Menon says, “Deskera is making in-roads into new markets and this creates tremendous opportunities for us to work together. We are always on the lookout for market leaders that are trusted by SMEs in the region”.
About the Investors
Jungle Ventures is an early stage Venture Capital Firm that invests in and helps build tech category leaders from Asia. Jungle has a dedicated team of operating partners and functional experts to enable companies scale across growth markets in Emerging Asia.
Susquehanna International Group Headquartered in the US, SIG is a global technology investment firm that invests across the continuum of the venture capital life-cycle, from early to late stage and in a variety of industry sectors. In the last decade, SIG has invested USD 1.3 billion in over 200 companies.
Tembusu Partners is a private equity investment firm investing in promising early and growth-stage companies. Headquartered in Singapore, its primary markets are China, India and Southeast Asia.
Innoven Capital Singapore’s state-owned investment firm Temasek and Singapore-based lender UOB had acquired Nasdaq-listed diversified financial services company SVB Financial Group’s specialty finance business focused on venture debt in early 2015. SVB India Finance was then renamed as Innoven Capital Group.