The firm intends to use the new funding to fuel its community expansion and compete in the enterprise category. The firm claims to have also created ‘Plane One’, which offers an option for its customers to host their own servers by releasing open-source code. Vamsi Kurama and Vihar Kurama founded Plane in November 2022 to provide companies with simple project management tools.
Plane, a project management software business, raised $4 million (about INR 33.3 crore) in a seed funding round from OSS Capital.
The firm intends to use the new funding to expand its community and compete in the enterprise space.
Vamsi Kurama and Vihar Kurama founded Plane in November 2022 to provide companies with simple project management tools.
The business claims to have also created ‘Plane One’, which allows its customers to run their own servers using open-source technology. This service is available for a one-time charge of $799, which provides eternal access.
“This investment reinforces our ambition of developing a user-friendly, expandable, and cost-effective project management system. As a first step, Plane One is built from the ground up for emerging organizations that require crucial capabilities to better manage their projects and instances without being trapped into long-term SaaS pricing commitments, according to Vamsi Kurama, Plane’s co-founder and CEO.
According to Inc42, Joseph Jacks, founder of OSS Capital, stated, “Plane’s open-core model, strong community engagement, and first-principles approach to project management deeply impressed us.” Plane One is doubling down on its objective to provide a viable, open-source, and sustainable alternative to industry incumbents.”
In the management SaaS area, the company faces competition from Powerplay, Zoho Corporation, Freshworks, Codleo, and System HData.
The funding comes at a time when the India’s enterprise tech sector is expected to stall significantly in 2023.
According to Inc42’s Indian IT Startup Funding Report 2023, enterprise IT companies’ funding fell 68% to $1.3 billion in 2023 from $4 billion in 2022. Deals fell by more than 46% to 157 this year, down from 292 in 2022.
Velocity announced in January that it had set aside INR 300 crore ($36.1 million) to provide funding to B2B software-as-a-service (SaaS) firms.
GetVantage has announced its SaaS Accelerator Fund II for B2B SaaS startups, with a total corpus of INR 250 crore that will be deployed over the next 12-18 months.
