Novo had recently secured $40.7 million in a Series A round led by Valar Ventures and other investors like Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup

Novo, a preferred business banking partner for SMEs, startups and freelancers, is planning to go on a hiring spree to strengthen its existing operations in India. Novo had recently secured $40.7 million in a Series A round led by Valar Ventures and other investors like Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup. It will be using these funds to ensure the successful execution and completion of its current hiring objective, and thereby expand its operations footprint in India.

Commenting on the hiring, Tyler McIntyr, Founder & CTO, Novo, said, “India is the backbone of our technology developments. Being the only International Market for our support operations, we pride ourselves in building teams across various roles from the exceptionally talented pool of resources available in India. The recently raised funding would be utilised towards strengthening our vision to provide enhanced consumer experiences, seamlessly. As part of this initiative, the company will be recruiting 100 engineers by FY 2022 for senior key and support roles including Software, Backend, Frontend, Android and DevOps. The hirings would be primarily for the offices in Delhi NCR, Ahmedabad and Bengaluru, besides remote working roles, pan India. ’Novo will continue to focus on solving the top problems small businesses face: cash flow, through faster payments and access to lending products banks traditionally do not offer to small businesses’’

Ajar Upadhyay, Director of Operations – India, Novo said, “After successfully securing Series A funding from our investment partners, we are well equipped to take our next expansion step, that is, to hire talented workforce and achieve new milestones in India.

Currently, the independent company that enables small businesses to open accounts in minutes without a minimum balance requirement, has a strength of over 70 employees for India operations. With this hiring spree, it looks forward to tripling this figure to over 200 by FY 2022. The idea is to generate jobs by building advanced technology, bolstering operations and eventually transform the overall banking ecosystem in India.