Bangalore-based Sumeru Enterprise Tiger Business Solutions Pvt. Ltd, which runs banking software startup Sumeru, has raised $900,000 (Rs 5.9 crore) in fresh funding from high-net-worth individuals based in the US and India, a top company executive told VCCircle.
The startup has now closed the angel round at $1.9 million, its co-founder and chief executive Rekha Pillay Yadav said.
"We will use the funds for product and technology development including new features, cloud version, new platform upgrades, third-party service integrations and chatbots, among other innovations. We have a strong product road map for the next two years," Yadav added.
Founded in March 2016 by Yadav and IIT Bombay alumni Harish Ramachandran and Rajesh Krishnamurthy, Sumeru offers digitisation products for retail banks, non-banking financial companies, and insurers. The firm was spun off from Sumeru Global, a software products and mobile apps maker.
Co-founders Ramachandran and Krishnamurthy are directors in the firm.
Sumeru offers flexible licensing structures and clients can opt for a standard enterprise (perpetual) licence, a pay-as-you-go licence (viz. per user per month), or transaction-based pricing. It counts Capital First, Tata Capital and Volkswagen Financial Services among its clients.
Aside from banking software, the startup offers value-added services. For these offerings, the company has core business support teams based out of Bangalore and Mumbai.
Sumeru, which has a technology centre in Bangalore, has a presence in Southeast Asia, the Middle East, South America and Africa.
In May, the startup had raised $1 million in angel funding from high-net-worth individuals. It had then said it will use the funds to develop the product and build a global distribution network.
Other software ventures that bagged funding recently include enterprise mobile software startup Innovapptive Inc., which raised $1.5 million from angel investor network Hyderabad Angels.
In April, software startup iSos Inc. raised $5 million from Portland, US-based entrepreneur Nitin Khanna.