Swish Club gets $4.5 million funding in pre-Series A round

Swish Club, a sustainable devices-as-a-service (DaaS) platform, has secured $4.5 million in pre-Series A funding, according to an official statement. The fresh funding includes $3.3 million in equity and $1.2 million in debt financing, the company said in the statement.

The new funding round was led by Powerhouse Ventures. Other investors like Blume Ventures with Founders Fund, Touchstone Ventures with Eternal Capital, and Atrium Ventures also took part.

Livspace's Anuj Srivastava and Al Jazira Capital's Ajit Reddy, alongside Goldman Sachs veterans Deb Dutt and Tushar Patel and head of Citi Ventures Jatin Mamtani also participated in the round.

The startup plans to use the funding for its product development, talent acquisition, and revenue acceleration. The debt component would be utilised for device financing.

"Swish Club exhibits immense potential with its innovative, technology-led approach to simplify device management and compliance for fast-growing enterprises. By offering a seamless, cost-efficient, and scalable solution, the company is transforming the traditionally fragmented and capital-intensive IT asset management. Solving a complex concern with its digital-first DaaS offering, we believe Swish Club is on its way to putting India on the global map and redefining the evolving enterprise tech landscape," said Peddu and Kshitij Golwalkar, general Partners, Powerhouse Ventures.

Swish Club provides solution for enterprise devices and end-point management and security software.

"Managing corporate devices is a complex, multi-step process involving procurement, financing, asset management, and eventual recycling. Each step requires different vendors that come with cost implications, lack of transparency, and multiple back-and-forths. Swish Club is simplifying this with India’s first digital Device-as-a-Service (DaaS) platform, helping businesses remove these depreciating assets from their balance sheet, and reduce device and software costs from 10% to just 3% of total annual capex - all with a few clicks through a dedicated platform. This means companies can now invest more in their core growth and avoid dealing with multiple vendors," said Dushyant Sapre, founder & CEO of Swish Club.

Swish Club is working on its agentic AI-powered device telemetry product, slated for launch in April 2025. The product aims to automate L1-L2 IT support and solve the recurring employee device problems such as laptops slowing down frequently, freezing altogether or waiting for hours and days to get necessary resolution from the IT team. This will fundamentally solve device management for enterprises.