B2B platform, AskLaser has announced the closing of its pre-Seed round with participation from Nitin Sethi, Nitin Siddamsetty, Aditya Ramteke, Surendra Bishnoi, and other investors from the ecosystem. Largely this fund was facilitated by investors from Tier 2 and Tier 3 cities like Nasik, Pune, Rajasthan, and Hyderabad.
The startup revealed that the funds will be utilized to advance its offering in the laser technology industry while expanding the Indian as well as the global footprint.
Founded in 2021 by Jayshree Harak, AskLaser is a Marwari Catalysts Ventures portfolio company and aims to provide a one-stop solution to the disorganization in the laser technology market. AskLaser leverages laser technology-related knowledge and information to make laser investments and awareness accessible to people.
"Currently, the market for lasers is growing at a good pace. India has a 5% share of the more than $12 billion global laser market. With a compound annual growth rate (CAGR) of 12%, the global laser market is expected to cross $30 billion in the next five years and India will be the main contributor to this growth," said Jayshree Harak, Founder & CEO, AskLaser, while speaking on the investment.
"What is challenging is the lack of awareness, lack of expert consulting, unavailability of services which therefore is a big gap and the biggest challenge for the manufacturers & Consumers globally. Currently right information through right channels is not present. This is the need-gap that the platform maintains that they aim to address," Harak said.
Further adding she says, "Attracting investment is a milestone for any startup - it's a vote of confidence from a respected outside expert in your space and a signal that your company is well-positioned for the future. With Marwari Catalysts' support and belief in our vision, we are looking forward to aggressively capturing the market and scaling the business globally."
"We firmly believe that AskLaser is well-poised to capitalise on a massive market opportunity and since India is poised to become a global manufacturing hub, the startup also enhances the "Make in India" initiative taken by our government, offering a unique opportunity to transform and accelerate the trajectory of the manufacturing sector in India." commented Sushil Sharma, Founder & CEO, Marwari Catalysts.
"Now is the time when old horses have decided to innovate and that's where B2B startups are back in the game, with a bang! They're booming at a great pace and that's true," stated Devesh Rakhecha, Founder & Director, Marwari Catalysts.
He says, "Investors too are keen on investing/buying a stake in B2B Startups and as Billions pour into Indian B2B companies, more and more unicorns are coming up from this sector. And as the market for lasers in India is now really hotting up, more investors are joining the wave to bet on the laser technology industry and we are determined enough that AskLaser will be the Next Big Thing in the market."
In the end, the startup concluded that this first round of funding was for the ideation stage, basic data collection, development, and validation! For the next round, AskLaser will be looking forward to raising $300,000 which will be utilised for the Technology & Operations.
(With inputs from ANI)