Swish Club, a sustainable Devices-as-a-Service (DaaS) Platform, has secured Pre-Series A funding of USD 4.5 million, including USD 3.3 million in equity and USD 1.2 million in debt financing.
Powerhouse Ventures spearheaded the equity round, with participation from Blume Ventures with Founders Fund, Touchstone Ventures with Eternal Capital, and Atrium Ventures. Along with Goldman Sachs veterans Deb Dutt and Tushar Patel, as well as Head of Citi Ventures Jatin Mamtani, the round also featured well-known industry experts like Anuj Srivastava of Livspace and Ajit Reddy of Al Jazira Capital.
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Talking about Device-as-a-Service, Dushyant Sapre, Founder & CEO of Swish Club, said, “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. Currently, Enterprises are spending more than INR 25,000 crores annually on new laptops alone and our platform can enable these businesses to access and manage the latest devices with zero upfront investment. Our software solution aims to remove the friction by providing fast and hassle-free adoption of Enterprise-grade security and compliance software for corporate devices. This funding strengthens our mission to become the definitive one-stop solution for Enterprise IT.”
Swish Club will make significant investments in additional product development, hiring talent, and revenue acceleration with this cash. The debt component would be used to finance the device.
The Smartphone Leasing for Corporate Employees is similar to a Car Lease program that helps save up to 60% off device costs while creating a unique Employer-facilitated Employee perk. Offered through a unique white-labeled company store app Employees get to choose from a range of 100+ leading smartphones.
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Swish Club has already secured strategic partnerships with Original Equipment Manufacturers (OEMs) and its national distributors like Dell, HP, Samsung, Google, Ingram Micro, and Redington.
Commenting on opening doors to new business opportunities, Sri Peddu and Kshitij Golwalkar, General Partners, Powerhouse Ventures, said, “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.
The device rental market is a highly fragmented and unorganized market with low trust, unpredictable experience, and lack holistic offering. Enterprises have to either resort to investing significant upfront capex for both devices and data security software or rent old devices at a significantly high cost. The move to sustainable device-as-a-service adoption is a global phenomenon with global counterparts such as Everphone and Grover raising significant capital ($580M and $2.3B respectively) over the last few years.
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Swish Club is already working on their Agentic AI-powered device telemetry product, slated for launch in April 2025. This innovative product has begun its pilot with select large enterprises as it 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. Looking ahead, Swish Club is targeting INR 100 crore (approximately USD 12 million) in annualized operating revenue run rate over the next 18 months.
Mahesh Lakshmipathy – Head of Finance, Zolvit (fka Vakilsearch) shared, “As a technology-forward organization, Vakilsearch consistently seeks partnerships that enhance our operational efficiency while supporting our rapid growth. Swish Club’s Device-as-a-Service platform has streamlined our IT asset management process, reducing procurement complications and allowing our teams to focus on core business priorities. Their innovative approach to device management, combined with built-in compliance and security features, aligns perfectly with our digital transformation roadmap. The platform has helped us optimize our IT investments while ensuring our workforce has seamless access to the latest technology.“
Since its launch in April 2024, Swish Club has onboarded over 125 enterprise clients, including industry leaders such as Max Life Insurance, Benett and Coleman, HDFC Life Insurance, Pepsico, Informatica, Philips, GMR, RPG Group, Landmark Group, Zensar and Startups such as Whatfix, Zetwerk, Meesho, Plum, Allen, Porter, Bold Care, FamPay, Zolvit, Qila Games, Addverb.
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About Swish Club
Swish Club is a one-stop solution for Enterprise devices and end-point management and security software. As a pioneer Device-as-a-Service platform, Swish Club handles the entire lifecycle of a device from sourcing, configuration, device administration, and security to safe returns and upgrades. This helps Enterprise Finance teams to lighten up their balance sheet, divert capital to core business, and Enterprise IT Teams to confidently and securely manage their devices with a single asset administration, device management, anti-virus, and device cleaner software.
DaaS also allows Enterprises and their employees to choose their preferred laptops and smartphones by manufacturers and OEMs like Apple, Samsung, HP, Dell, OnePlus, Google and Lenovo and partners with more than 125 Enterprises. The company was founded by Dushyant Sapre (Cofounder and CEO), Suraj Kumar (Cofounder and CTO), and Jai Anand (Cofounder and CPO) in Nov 2023 and is headquartered out of Bangalore. Investors include Powerhouse Ventures, Blume Ventures, Eternal Capital, Atrium Ventures, Touchstone Ventures, and industry-leading angels.
