CamScanner Indian alternative, Kaagaz Scanner, has raised $575,000 in a funding round led by Pravega Ventures, Axilor Ventures and Better Capital along with a few notable angel investors. Phanindra Sama, Founder of RedBus, Farooq Adam, Founder of Fynd and others also participated in the round.
The app came into the limelight just after Government of India again Banned Chinese Apps including the infamous CamScanner App. As of now, Kaagaz Scanner is installed on around 1.9 million smartphones and has over 90,000 active users on day to day basis. Alongside more than 50 million pages have been scanned using this app since its launch.
“We plan to use this fresh round of funding to accelerate growth for Kaagaz Scanner and to increase our team size to speed up product development. Along with the app, we are also looking to build a suite of AI-powered utility tools for our users that will help them manage their day-to-day tasks seamlessly,” as quoted by the Co-founder Snehanshu Gandhi.
Through this investment Pravega Ventures Trust bought around 3801 preference shares and 10 equity shares while Axilor Technology just bought 367 preference shares.
Kaagaz Scanner has enlisted as office apps under the AatmaNirbhar App Challenge addressed by Government of India. HRD Ministry and the Ministry of Electronics and Information Technology also appreciate the appKaagaz Scanner Bags Seed Funding From Pravega Ventures. Meanwhile, Tooter a Swadeshi Twitter replacement Launched in India under the same initiative.