Tech startup Plane, founded by Vamsi Kurama and Vihar Kurama in November 2022, just secured a $4 million seed funding from OSS Capital. They plan to use this money to grow their community and compete in the project management industry. Their software offers easy solutions for companies to manage projects, and they’ve also launched ‘Plane One’, allowing companies to host their servers for a one-time fee of $799.
Vamsi Kurama, the CEO, expressed that the funding validates their vision of creating user-friendly and affordable project management tools. Joseph Jacks from OSS Capital praised Plane’s open-core model and commitment to being a sustainable alternative in the industry. Overall, Plane aims to simplify business project management with its innovative approach and fresh funding.
Transforming Project Management with Plane
Plane, a project management software startup, received praise from Joseph Jacks, the founder of OSS Capital, for its open-core model and community engagement. With their new offering, Plane One, they aim to become a sustainable alternative in the industry. However, they face competition from big players like Powerplay, Zoho Corporation, Freshworks, Codleo, and System HData in the management software category. This funding injection comes at a crucial time for Plane, as the Indian enterprise tech sector experienced a slowdown in 2023, making it even more valuable for their growth.
With its first-principles approach to modern project management and strong user growth, Plane is poised to reshape how businesses manage their projects and workflows. Joseph Jacks, Founder of OSS Capital, expressed deep admiration for Plane’s open-core model, community engagement, and commitment to project management principles. He noted that with Plane One, the company is doubling down on its mission to provide a viable, open-source, and sustainable alternative to industry incumbents.
Funding Challenges and Opportunities in Indian Enterprise Tech
According to Inc42’s Indian Tech Startup Funding Report 2023, funding for enterprise tech startups took a hit, declining by 68% to $1.3 billion in 2023 from $4 billion in 2022. The number of deals also dropped significantly by over 46% to 157 during the year from 292 in 2022.
In January, Velocity announced it had set aside INR 300 crore ($36.1 million) to provide financing to B2B software-as-a-service (SaaS) startups.
Additionally, GetVantage launched its SaaS Accelerator Fund II for B2B SaaS businesses, with a total fund size of INR 250 crore to be deployed over the next 12-18 months.
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