Mumbai-based social networking app VoxWeb has raised $350,000 (about Rs 2.3 crore) in a fresh round of funding. This round of funding came in less than four months after it raised $100,000 from Jitendra Gupta, the co-founder and managing director of payment solutions company Citrus Pay.
The latest round of seed-stage equity financing was led by an unnamed investor, and will be primarily utilised towards the startup's latest initiative, a talking picture app - Speaking Orange Line Picture, but will also be used to further build its technology, across the Android and iOS platforms, according to a company-issued press release.
"We restricted the capital injection to $350,000 - much less than the investor desired to invest. In the process, we also became aware of a powerful undercurrent being created by the combo of VoxWeb's network structure and speaking 'orange line' pics," Yash Mishra, chief executive of VoxWeb.
The company-issued statement, however, did not disclose if CitrusPay Co-founder Gupta had also participated in the latest round, or the stakes currently held by the early investors in VoxWeb.
Founded in 2014 by by former JP Morgan executive Mishra, VoxWeb, an IIT Kanpur-incubated startup, is a mobile app that allows users to attach a voice clip to pictures taken on their smartphones. VoxWeb-created speaking pictures can be sent inter-personally to contacts in the VoxWeb network or shared publicly with followers in the social section of the social media network.
All a user has to do on receiving a picture with an orange line is touch the same to hear the voice caption. The startup has launched the app in India, Europe and in the US, and is now targeting launches across Asia and the African continent.