RapidCanvas raises $29 million in Series B round led by Vertex Ventures

Enterprise software startup RapidCanvas raised $29 million, or approximately Rs 280 crore, in a Series B funding round led by Vertex Ventures Southeast Asia & India on October 16, according to a report by Equitypandit.

The financing round included participation from new backer Hitachi Ventures, alongside existing investors Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures. The startup did not disclose its valuation following the transaction.

RapidCanvas will use the fresh capital to expand its go-to-market teams and field engineering operations across India, the United States, and Brazil. The business also plans to allocate funds toward its three core platform products to improve enterprise data understanding, application development, and governance controls for corporate clients.

Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas provides tools that allow companies to build, deploy, and monitor automated applications. The startup operates on a subscription-based model targeting large enterprise clients that maintain dedicated budgets for digital tools but lack the internal technical expertise needed to build and manage complex software systems.

Enterprise Adoption and Revenue Growth

The company stated that its platform helps large organizations move software projects beyond initial pilot testing phases into reliable everyday operational use. Over the past six quarters, the startup reported that its annual recurring revenue grew eightfold.

In 2026, more than 75 enterprise customers across manufacturing, financial services, retail, business services, and infrastructure sectors used applications built on the RapidCanvas platform. These businesses completed over 1.4 million operational decisions using the platform during the period.

Organizations currently utilizing the system include payments firm PayPal, financial services provider TresVista, Yale Appliances, Orion, and Brazilian technology company Treetech.

Venture Capital Investment Trends

The investment comes during a broader expansion of venture capital funding for technology startups in India. According to Inc42’s Indian Tech Startup Funding Report for Q3 2026 cited by Equitypandit, Indian startups in the sector raised $438 million during the third quarter of 2026.

That third-quarter fundraising total marked a 265 percent increase compared to the same period in the previous year, as investors focused capital on applications designed for specific business problems. Equitypandit reported that RapidCanvas' future expansion will depend on converting enterprise client demand into recurring revenue streams and scaling platform deployments across additional industries.