Next Gen Paper Solutions is looking to raise about $2 million (about ₹13 crore) in its first institutional funding that would be used to improve technological enhancement and geographical reach.
The record and information processing company, founded in 2010 by first generation entrepreneurs Sunil Mahajan and Naresh Chand, offers its services under the ‘Kleeto’ brand.
“We are in the process of finalising the amount, and it could even be higher… We will start the discussions soon, while we intend to raise the funds in the next financial year,” Mahajan, who is also the Chief Executive Officer of the company, said.
The New Delhi-based firm intends to raise the ‘Series A’ funding from high networth individuals (HNIs), family offices and venture capitalists, he said.
“The growth capital is required as we are planning to increase our presence to two more cities – Mumbai and Bengaluru – and to 15 cities in the next two years,” he said.
Separately, the company has raised about ₹1.5 crore in pre-Series A funding from a host of investors, mainly HNIs in the country. The funding was raised on Grex, an exchange-like platform for investors to discover companies, invest and keep track of their investments.
Including the pre-Series A funding, Next Gen Paper has raised ₹7.3 crore till date, that includes angel capital. These funds also would be used for technology enhancement and increasing geographical reach, Mahajan added.
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