SUMMARY
The startup plans to use the fresh funds to fuel its community growth and compete in the enterprise segment
The startup claims to have also launched ‘Plane One’, which offers an option to its customer companies to host their own servers by offering open-source code
Founded in November 2022 by Vamsi Kurama and Vihar Kurama, Plane offers easy project management solutions to companies
Plane, a project management software startup, has secured $4 Mn (around INR 33.3 Cr) in a seed funding round from OSS Capital.
The startup plans to use the fresh funds to fuel its community growth and compete in the enterprise segment.
Founded in November 2022 by Vamsi Kurama and Vihar Kurama, Plane offers easy project management solutions to companies.
The startup claims to have also launched ‘Plane One’, which offers an option to its customer companies to host their own servers by offering open-source code. This service is available for a one-time fee of $799, giving perpetual access.
“This funding validates our vision of creating a user-friendly, extensible and affordable project management product. As a first step, Plane One is designed ground-up for growing businesses that need essential tools to manage their projects and their instance better without being locked into ongoing SaaS-pricing commitments, ”said Vamsi Kurama, Co-founder and CEO of Plane.
Joseph Jacks, Founder at OSS Capital, said, “Plane’s open-core model, strong community engagement, and first-principles approach to project management deeply impressed us. With Plane One, they are now doubling down on their mission to be a viable, open-source, and sustainable alternative to incumbents of the industry.”
The company competes against the likes of Powerplay, Zoho Corporation, Freshworks, Codleo, and System HData in the management SaaS category.
The funding comes at a time when the Indian enterprise tech sector saw a notable slowdown in 2023.
According to Inc42’s Indian Tech Startup Funding Report 2023, enterprise tech startups witnessed a 68% decline in funding to $1.3 Bn in 2023 from $4 Bn in 2022. The number of deals plummeted over 46% to 157 during the year from 292 in 2022.
In January, Velocity said it had earmarked INR 300 Cr ($36.1 Mn) to offer financing to B2B software-as-a-service (SaaS) startups.
GetVantage launched its SaaS Accelerator Fund II for B2B SaaS businesses with a total corpus of INR 250 Cr and will be deployed over the next 12-18 months.
