VV Finly Technology Pvt. Ltd, which operates a startup focussed on automating the accounts payable process for mid- and large-sized businesses, has raised funding from a clutch of investors.
Other investors that participated in the funding round include Social Capital, AngelList India, Gemba Capital, Omphalos Ventures and 91springboard via Atal Innovation Mission and Niti Aayog, YourStory reported.
The startup said it will use the funds to expand its product and enhance its technological infrastructure. The investment details couldn’t be ascertained.
VCCircle has reached out to Finly on the details of the investment and will update this report accordingly.
Veekshith C Rai, co-founder at Finly, said the firm’s goal is to help chief financial officers and key company executives dedicate more time to strategic priorities rather than day-to-day operations.
Separately, Gemba Capital managing partner Adith Podhar said the firm was confident in its investment in Finly because of its “fantastic SaaS product for the global market”.
Finly was founded by Vivek AG and Veekshith C Rai in 2015. The firm builds software products that give finance teams in organisations the tools and data to provide real-time insights into their spending culture. Its services include an expense management system, a smart procurement service, business payment automation, and budgeting and spending analysis, according to its website.
In March 2017, the Ebix Inc.-owned ItzCash Card Ltd made an undisclosed equity investment in Finly to strengthen its presence in the expense management vertical.
Deals in the SaaS segment
The SaaS segment across industries has been buzzing with investor activity in recent months. The rapid progress of frontier technologies such as artificial intelligence and natural language processing resulted in a number of SaaS startups springing up.
Last week, Seekify Technologies Pvt. Ltd, a startup focused on customer experience, raised $1.5 million (around Rs 10.6 crore) in seed funding from Sequoia Capital India’s startup scale-up programme, Surge.
Earlier this month, marketing intelligence startup Slintel Inc. raised $1.5 million (around Rs 10.6 crore) in a seed funding round led by Bengaluru-based Stellaris Venture Partners.
Tookitaki, a firm that develops artificial intelligence-based sustainable compliance solutions for financial institutions, closed its Series A funding round in November, raising $19.2 million (Rs 137.4 crore) from investors including Viola Fintech and global venture firm SIG Asia Investment.