Quick Take
- Rocket is in talks to raise $40-50 Mn (Rs 378-473 Cr) from 360 ONE Asset.
- The deal values the app builder near $500 Mn (Rs 4,725 Cr), 8x its last.
- Fresh capital would fund AI development and global expansion, with the round still under discussion.
In This Article
Rocket funding talks are heating up, with the AI app builder formerly known as DhiWise reportedly raising $40-50 Mn (Rs 378-473 Cr) at a near $500 Mn valuation led by 360 ONE Asset.
The round, still under discussion according to people aware of the matter, would mark a sharp re-rating for the Surat-born startup. Rocket last raised $15 Mn (Rs 142 Cr) in September 2025 at about a $60 Mn (Rs 567 Cr) valuation, company announcement and Tracxn data show. That implies a roughly 8x jump in nine months.
StartupFeed Insight
The numbers tell a story of momentum over maturity. Rocket reportedly hit $4.5 Mn (Rs 42.5 Cr) ARR (Annual Recurring Revenue) within three months of launch, which helps explain investor appetite, but durable revenue at scale is unproven. Founders, rival app builders, and India’s deep-tech investors should watch whether paid retention holds as Lovable, Bolt, and large model makers crowd the category. StartupFeed expects Rocket to formally close this round by the September 2026 quarter, near a $500 Mn valuation, with at least one global growth fund joining 360 ONE Asset. Anything less would signal cooling AI app builder hype. By StartupFeed Desk.
Rocket Funding: The Deal Breakdown
The Rocket funding round under discussion is a $40-50 Mn (Rs 378-473 Cr) raise led by 360 ONE Asset at a near $500 Mn (Rs 4,725 Cr) valuation, according to people aware of the matter.
| Metric | Detail | Notes |
|---|---|---|
| Total Raise (reported) | $40-50 Mn (Rs 378-473 Cr) | Still in talks, not closed (people aware of the matter) |
| Lead Investor | 360 ONE Asset | Reportedly investing $20-25 Mn (Rs 189-236 Cr); others may join |
| Round Type | Growth round (fresh primary) | Valuation near $500 Mn (Rs 4,725 Cr), about 8x the prior mark |
| Previous Round | $15 Mn (Rs 142 Cr) seed | September 2025, led by Salesforce Ventures (company announcement) |
| Cumulative Raised | About $25 Mn (Rs 236 Cr) | Across DhiWise and Rocket eras (Tracxn, Clay) |
| Announcement Date | Reported June 2026 | Deal subject to final terms |
The most striking figure in this Rocket funding round is the valuation jump. A near $500 Mn (Rs 4,725 Cr) tag is roughly 8x the $60 Mn (Rs 567 Cr) mark from nine months earlier.
About Rocket
Rocket is an AI app builder that turns plain-language prompts into full-stack web and mobile apps. Founded in 2021 in Surat as DhiWise, it is led by Vishal Virani (CEO), Rahul Shingala (CTO), and Deepak Dhanak (COO). It rebranded to Rocket in 2025 and moved its HQ to Palo Alto, keeping engineering in Surat. Tracxn lists 653,000-plus users across 180 countries; backers include Salesforce Ventures, Accel, and Together Fund.
Why Is 360 ONE Backing Rocket?
360 ONE Asset is betting on Rocket because its India-built engineering and fast global traction stand out in a crowded category. The firm recently launched a Rs 500 Cr venture fund aimed at backing startups from first cheque to IPO, its newsroom shows, and a high-growth AI app builder fits that thesis. Rocket leans on a self-built stack rather than reselling generic models.
“Our underlying architecture is completely different from what Lovable, Bolt, and everyone is doing,” said Vishal Virani, Rocket’s co-founder and CEO.
That claim is central to the Rocket funding story. If the technology edge converts early adopters into paying, retained customers, the valuation re-rating looks earned. If not, the round prices in hope more than proof.
How Will Rocket Use the New Funds?
Rocket plans to use the new capital to deepen its AI features, speed product development, and expand its global go-to-market push, people aware of the matter said. The Rocket funding would also support hiring across its Surat engineering base, which the company has signalled it wants to grow. Most demand sits abroad: the United States is the largest market, followed by Europe, with India a smaller share, per earlier company disclosures. Expect spending to tilt toward sales, model costs, and enterprise features that turn free users into subscribers.
How Does Rocket Compare With Rivals?
Rocket competes in the fast-moving AI app builder category against Lovable, Bolt, Emergent, and Replit, plus large model makers like OpenAI and Google. Tracxn ranks Rocket 4th among 92 active competitors and 5th by total funding, signalling a serious but not dominant player. Among recent rivals, Adronite raised $5 Mn (Rs 47.3 Cr) in February 2026, Tracxn data shows. What sets Rocket apart is its focus on production-ready apps built from a single prompt, plus a proprietary stack trained on DhiWise datasets, rather than quick prototypes.
What’s Next
Rocket’s immediate test is closing this round on the reported terms. Watch for a formal announcement, expected by the September 2026 quarter, that confirms the lead investor, final size, and valuation. Beyond the cheque, the bigger milestone is converting its 653,000-plus users into durable, paying revenue as competition intensifies. Can a Surat-rooted startup hold its own against the world’s largest AI model makers?
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Last updated: June 29, 2026 at 09:10 IST
Written by Avinash. Published: June 29, 2026. Updated: June 29, 2026. Have a tip? Write to us at editorial@startupfeed.in.
