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Banking software startup Sumeru raises fresh funds

By Dearton Thomas Hector

  • 15 Nov 2017
Banking software startup Sumeru raises fresh funds
Credit: Thinkstock

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.

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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.

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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.

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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.

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