Collaborative email inbox startup Grexit has raised a new round of funding from Citrix Startup Accelerator and Vijay Shekhar Sharma, managing director of One97 Communications* according to Pluggd.in. The exact amount of investment was not disclosed. This is the second funding round for the company with the initial round raised from The Morpheus in 2010. It currently has offices in Bangalore and Palo Alto, and claims to have 500 companies on board.

Grexit intends to use this funding for enhancing its product and add support for other e-mail platforms like MS Exchange and Outlook users.

Grexit allows users to store important email conversations to an online knowledge repository and share it with co-workers later. They can store the email conversation on Grexit by either forwarding it to a dedicated email address (add@grexit.com) or by using a browser extension which adds a ‘Send to Grexit’ button to your emails. You can then organize and control the conversations by making use of Shared Labels.

In addition, Grexit allows users to setup access controls to decide who can access any specific shared label, and provides rules and filters to automatically backup important emails with any specific label on the user’s inbox, with the same label on Grexit.  For instance, if one creates a ‘Follow-up’ label on his Google Apps account, and tells Grexit to automatically pull all emails with that specific label, any future email conversation that one applies ‘Follow-up’, will be automatically pulled to Grexit.

Released in mid-September 2011, the app is currently in public beta and is available for free on Google App marketplace. The company however plans to have a subscription model based on storage space and number of users, once it moves out of beta.

Disclosure: One97 Communications is an advertiser with MediaNama.