Aavenir Software Pvt. Ltd, a source-to-pay solutions provider based on a software-as-a-service model, has raised $2 million (Rs 15.22 crore at current exchange rates) in a funding round.
The San Francisco- and Ahmedabad-based company raised this money from Accel India, according to a tweet by the venture capital firm’s partner Prayank Swaroop. This is Aavenir’s seed funding round, Swaroop said.
Aavenir was founded last year by Jesal Mehta. According to his LinkedIn page, Mehta is an alumnus of Santa Clara University in California and has worked for companies such as Apttus and Nextance.
The startup offers contract lifecycle management and procurement management solutions on a source-to-pay basis. Some of Aavenir’s products include Contractflow for its contract lifecycle management offering and RFPflow for sourcing management. It also operates Invoiceflow, which is focussed on accounts payable automation.
VCCircle has reached out to Aavenir on the details of the fundraise and will update this report accordingly.
According to The Economic Times, the startup will use the funds to accelerate its product development as well as strengthen its sales and marketing operations.
“Machine learning, NLP [natural language processing] and interactive chatbots are offering tremendous opportunities to automate and simplify the complex source-to-pay process significantly,” Mehta said in the report.
Deals in the SaaS space
Startups in the SaaS space are using technology stacks to address gaps within traditional ecosystems and introduce new products and services to traditionally underserved customer segments.
Business-to-business e-commerce startup Udaan in February invested around Rs 14 crore ($1.94 million) in restaurant management platform PetPooja. The same month, fleet management and analytics startup raised $2.8 million (about Rs 20 crore) in a Series A round led by the Singapore-based Beenext Opportunity Fund.
In January, real estate-focussed platform MultiplyMyLeads.com raised an undisclosed sum from investors including Frontline Strategy Funds and SucSEED Venture Partners. Similarly, startups such as customer and product insights-focused SmartKarrot and consumer packaged goods-oriented Samya.ai have raised funding in recent months.