Bangalore-based banking software startup Sumeru Enterprise Tiger Business Solutions Pvt Ltd has raised $1 million (Rs 6.4 crore) in angel funding from high-net-worth individuals, Rekha Pillay Yadav, its founder and chief executive, told VCCircle.
The company will use the funds to develop the product, grow its business and build a global distribution network, Yadav said.
The startup had initially targeted $1.5 million, but received a commitment of $1.9 million, “We have mobilised $1 million. We have done it over a period of eleven months. It (the round) was started in May 2016 and closed by March 2017,” she explained.
Sumeru Solutions was established in March 2016 by Yadav and IIT Bombay alumni Harish Ramachandran and Rajesh Krishnamurthy. The firm was spun off from Sumeru Global, which was a software products and mobile apps maker. Co-founders Ramachandran and Krishnamurthy are also directors in the firm.
Sumeru develops software to digitise banking operations and also offers value added services. It counts Capital First, Tata Capital and Volkswagen Financial Services as some of its clients. It builds the software platform and products from its technology centre in Bangalore. “We distribute the software almost exclusively through partners globally. Our partners typically include reputed system integrators or software product and services companies globally," Yadav said.
For value-added services, the company has core business transformation support teams based out of Bangalore and Mumbai. The firm also enables their partners to provide these services locally in their respective geographies.
Sumeru offers flexible licensing structures and clients can opt for a standard enterprise (perpetual) license, a pay-as-you-go license (viz. per user per month), or transaction-based pricing.
“We are bringing the dynamics of consumer technology and innovation to the enterprise space. We are giving the power of fintech to traditional retail banks, NBFCs and MFIs, thus making them ready for the new age of digital operations,” Yadav said.
Other software firms that received funding recently include enterprise mobile software startup Innovapptive Inc., which on Tuesday raised $1.5 million (Rs 9.6 crore) from angel investor network Hyderabad Angels.
Last month, computer software startup iSos Inc. raised $5 million (Rs 32 crore) from Portland, US-based entrepreneur Nitin Khanna.
In March, early-stage venture fund Ideaspring Capital invested a little over $500,000 (Rs 3.5 crore) in Chennai-based Karomi, a tech startup in the packaging artwork management space.