Bangalore-based IBSFINtech India Pvt Ltd, which offers treasury and forex management solutions, has raised an undisclosed amount of seed funding from Shailesh Haribhakti, chairman of risk advisory, auditing and tax consultancy firm Haribhakti & Co, a company statement said.
The company is also in early stages of discussions to raise growth funding of $2-4 million to scale up operations globally, for product research and development, the statement added.
Founded in 2006 by Vijaya Bank executives Chandra Mohan Grover and T M Manjunath, IBSFINtech is a software product company that manages $20-billion treasury market transactions in India. It offers treasury and trade finance solutions for corporates, public sector undertakings and small and medium-sized enterprises.
Some of its clients are Future Group, Maruti Suzuki, HCL, Times of India, and Snapdeal, among others.
According to McKinsey, the market potential of corporate treasury, business-to-business payments and cash flows is $135 trillion globally, the statement said.
There are over 6,200 companies in India with turnover greater than $74 million that are dependent on excel sheets for treasury management, and these amount to 75% of the pie, the statement added.
“We at IBSFINtech have observed tremendous growth in this segment in last few years. The number of clients coming onboard have tripled year on year,” Grover said.