Rocket.new Secures $15 Million in Series A Funding

Rocket.new, a mobile app builder previously known as Dhiwise, is set to raise Rs 131.4 crore, equivalent to $15 million, in its extended Series A funding round led by Salesforce Ventures along with existing investors Accel and Together Fund. This marks the first significant funding for the four-year-old enterprise in three years, following a $7 million raise in August 2022.

Funding Details

As per its filing with the Registrar of Companies, Rocket.new’s board approved the issuance of 4,81,718 Series A1 CCPS at an issue price of Rs 2,728 each to raise the aforementioned amount. Salesforce Ventures is set to invest Rs 74.46 crore, which is approximately $8.46 million, while Accel and Together Fund will contribute Rs 49.26 crore and Rs 7.67 crore, respectively.

Utilization of Funds

The proceeds from this funding round will be directed towards growth initiatives, business expansion, and addressing working capital needs, as indicated in the filing.

Company Valuation and Stake Distribution

According to estimates from Startup Superb, the valuation of the Surat-based firm is expected to more than double to Rs 545 crore, or $62 million, up from Rs 256 crore in the last funding round three years prior. Following this investment round, Accel is projected to become the largest external shareholder with an 18.87% stake, while Salesforce Ventures will hold 13.68%, and Together Fund will account for 5.62%. The co-founders, Vishal Virani and Rahul Shingala, will retain a combined 36% of the company.

About Rocket.new

Founded in 2021 by Vishal Virani and Rahul Shingala, Rocket.new is a no-code and low-code platform powered by AI, designed to assist users in creating and launching applications, websites, and tools through straightforward prompts or designs. According to various sources from startup data intelligence platforms, the company has raised over $9.5 million prior to this round from a variety of investors, including Accel, India Quotient, Together Fund, and Dholakia Ventures, among others.

Financial Performance

Whilst the company has yet to submit its fiscal year 2025 figures, Rocket.new reported a revenue of Rs 3.5 crore in fiscal year 2024, with losses increasing by 46% to Rs 11 crore, based on its standalone financials submitted to the Registrar of Companies.