Mumbai, 10th October 2022: Hubbler, a no-code platform that makes app development easier, faster, and cost-effective, has raised $1.50 million from LenDenClub Alpha, Artha Venture Fund and Unicorn India Ventures in a seed round.
The no-code or no-code low-code or NCLC technology, as commonly referred to in the industry parlance, is gaining traction globally as it has democratised building applications through a visual drag-and-drop interface, removing the need to write complicated codes. A March 2022 report on ‘No Code Low Code – The India Story’ by NASSCOM projected that the NCLC market in India will grow 10 times to $4 billion by 2025.
With Hubbler’s first round of funding, the company aims to use these funds to enter new markets globally and increase its user base. The company currently has over 50 enterprise customers, including three unicorns, and wants to increase it by 5 times by the end of 2023. The platform handles over a million monthly transactions and has built over 1,000 applications for enterprises and partners; plans to increase the number of transactions by 10 times in the next 12 months.
On receiving the funding, the founder of Hubbler, Vinay Agrrawal, said, “No-code demand is growing rapidly, and we are seeing opportunities waiting to be explored. We plan to expand in the international market and process 10 times higher transactions by 2023. The funds we have raised in the seed round will enable us to do just that. More than the funds, we are looking forward to the strategic contributions of LenDenClub Alpha, Artha and Unicorn in propelling us toward our goals.”
LenDenClub’s Co-Founder and CEO Bhavin Patel said, “We are elated to join Artha Venture Fund and Unicorn India Venture for this round of funding in Hubbler. The philosophy of LenDenClub Alpha is to invest in ideas and startups with an innovative edge in solving problems by offering digital solutions and potentially disrupting the traditional market ecosystem. According to a Nasscom report, in an optimistic scenario, India’s Low-Code and No-Code (LCNC) market will generate $4.0-$4.2Bn revenues by FY25, accounting for ~10% of the global market.
Platforms like Hubbler help organisations reduce the Cost of Development by 3X-5X, Increase Productivity by 1.2X-1.5X, and increase RoI by 30%-35%. We look forward to working strategically with the Hubbler team to help them achieve their goals while fulfilling our vision to identify and nurture innovative Tech and FinTech-focused startups.”
LenDenClub Alpha is a corporate venture capital (CVC) of LenDenClub, an NBFC-P2P and one of India’s leaders in the Digital Lending sector. It believes in strong value propositions and recognises potentials of prospective disruptors. By being a seed-fund aid for Hubbler, LenDenClub Alpha not only acknowledges its business potential but also aims to propel it for a mutually beneficial relationship.