Plans to use funds for software enabled smarter devices and expansion
Cube26, an India based technology innovation focussed company, today announced that it has received funding from Flipkart, India’s leading e-commerce marketplace. The company has raised capital of Rs.50 crores in the seed round of funding led by Tiger Global Management and Flipkart collectively. Cube26 plans to utilise the funds to leverage its software expertise across devices and expand team across the stack.
“We are elated at the trust showcased by our investors so early in our journey and glad to be associated with the global leaders. With our software focus and product led monetization approach, we are confident of providing unique user experiences across form factors and devices to Indian consumers,” said Saurav Kumar, CEO & Co-founder, Cube26. “We want to bridge technology gap in India and build products and solutions which are accessible and intuitive in nature.”
“We believe Cube26 has the potential to transform user experience across devices with its software expertise,” said Nishant Verman, Head Corporate Development, Flipkart. “Technology innovation will be key to India’s growth and we are looking for the next big software innovation from India, and this investment is a step towards the same. Cube26 has demonstrated a robust business expansion plan behind innovations that we believe can win.”
“We value technology innovators who understand consumer needs as they evolve across platforms and devices in India,” said Lee Fixel, Partner, Tiger Global Management. “Cube26 has demonstrated deep expertise in understanding this device experience, and we believe they can grow rapidly by continuing to innovate products that transform the consumer experience.”
Cube26 is India’s leading technology firm that has been making devices smarter through its software expertise since its inception. Popularly known for its customized Android experience and gesture technology like “Blink to Capture” and “Look Away to Pause” for Panasonic and Micromax respectively. Currently, Cube26 software resides on more than 5 million devices which makes it 4 percent of all mobile users in India and the company is working towards revolutionizing the device experience for users across different platforms.
While India is just the fifth-largest tech market in Asia Pacific, its tech purchases will grow by more than 10%, making it the fastest growth market in the region for 2015 – 2016, according to Forrester Research’s latest Asia Pacific Tech Market Outlook report.