Bangalore-based expense management startup Fyle has announced a fresh funding of US $1.1 million from existing investors, Pravega Ventures and Beenext. Also part of this funding round is a strategic investment from Girish Mathrubootham-led Freshworks, which has been a customer of Fyle.
According to CEO and co-founder Yashwanth Madhusudhan, the funding will help expand the sales and marketing teams of the company and also bring investment in R&D.
Founded in 2016, Fyle provides a software-as-a-service (SaaS) for B2B clients in the finance/accounting tech space. Fyle’s customers include HeroFincorp, Investec, Capillarytech, Teach For India, RPG group. The company has introduced a data extraction engine that can identify and reproduce data from any kind of receipt with a single click. It also has integrations with Microsoft Outlook and GSuite, which can be used to file any expense without manual data entry. The company claims to have nearly 45,000 users from 42 countries.
Last year in February, Fyle raised US $400,000 or about Rs 2.7 crore, in a seed funding round led by early-stage fund Pravega Ventures and BeeNext. Angel investors including redBus cofounder Phaninder Sama, Zivame founder Richa Kar and Joydeep Sen Sarma, cofounder of cloud company Qubole, also took part in the funding round.
Expense management space
Another expense management startup Finly received an undisclosed equity investment from payments firm ItzCash in February 2017 as well. Then in December, Happay secured Series B funding of Rs 65.1 crore from Sequoia Capital, Singapore-based Axiom Asia and AME Cloud Ventures. The company had started as a mobile wallet for P2P and B2C transactions, later it pivoted to expense management solution for businesses.
In June 2017, digital employee benefits solutions provider Zeta made an equity investment in ZingHR, which offer solutions such as meal vouchers, paperless claims for medical, LTA, fuel, and mobile among others.
Other players in the expense management vertical are Xpenditure, Certify, Expensify, Zeta, Zoho Invoices, among others.