Cloud-based browser testing platform LambdaTest said it has raised USD 6 million in a funding round led by Sequoia’s Surge, along with the participation from Blume Ventures, Entrée Capital, and Leo Capital. Angel investors Gokul Rajaram and Ramakant Sharma also put in money in the three-year-old startup.
LambdaTest was one of the 17 startups chosen in the fourth cohort of Surge, Sequoia Capital India’s 16-week scale-up program for early-stage startups in India and Southeast Asia, which was announced last month.
Founded by Asad Khan and Jay Singh in 2017, LambdaTest is a testing infrastructure company that allows web developers and testers to run both manual and automated tests on their websites and web apps across 2,000 different browsers and operating systems. Although the company is headquartered in San Francisco, its co-founders are based in New Delhi.
The company said its platform has been used by 350,000 developers and testers to perform a total of 12 million tests since its inception. Its client list includes Xerox, Cisco, Deloitte, Media.net, Coca Cola, Trepp, SurveyMonkey, Capgemini, HBR, and Zoho.
The company, in a statement, said it saw a huge increase in demand following the pandemic and the rapid migration to digital technologies by small and medium enterprises as well as traditional offline businesses. Currently, it is witnessing 8-10% month-on-month growth in terms of sign-ups, customers, website visits, and revenue.
“Our ultimate goal is to bring the whole testing ecosystem to the cloud platform, where all testing processes are done in a seamlessly integrated infrastructure that is easy to scale up and helps for easy application, debugging, and ultimately helping to bring out the best quality products in the shortest amount of time,” Khan, co-founder and CEO, LambdaTest, said in the statement.
LamdaTest is a part of the growing number of new software as a service (SaaS) startups in the country that are gaining attention from global investors. Over half the startups in the fourth cohort of Surge were SaaS startups.
According to data collated by Tracxn, Indian SaaS companies and digital apps raised around USD 2.1 billion between January and October this year as compared to USD 1.7 billion in 2019. Furthermore, a recent report by Bain said Indian SaaS companies are poised to reach USD 18-20 billion in revenue and capture 7-9% share of the global SaaS market by 2022.