Software-as-a-Service (SaaS) startup Inkle has raised $1.5 million (around Rs 12.4 crore) as a part of its pre-seed funding round from Picus Capital, Saison Capital and Force Ventures.
The Bengaluru-based company plans to use the fresh capital to expand its geographical footprints across the US, Canada and Latin America, as well as to foray into crypto taxes.
Founded in 2021 by Anand Krishna and Ranvir Singh, Inkle is a finance and account management SaaS platform. It offers features such as bookkeeping, tax and compliance state, federal and intercompany management, and more. The startup enables US-based companies created by overseas founders to handle tax, accounting, and compliance with ease and cost-effectiveness.
The company, which was bootstrapped until the current fundraise claims to have increased its revenue by seven times since last year.
“Our CPA teams are delighted with 10x new business volumes without a need to hire extra staff or put any effort into acquiring customers,” said Krishna.
Founded in 2015, early-stage global investment firm Picus Capital, is a venture capital (VC) firm predominantly invests in early-stage rounds with an average investment value between $250,000 and $750,000 in technology-focused companies in financial services, SaaS, healthcare, web3, deeptech and e-commerce.
The firm is headquartered in Munich and has offices in New York, Beijing, Berlin, London, Bangalore, Stockholm and São Paulo. In India, the company's portfolio includes Aspire Digital Credit Card, Invact, Lido Learning, Meddo Health, Simplicontract, and WeRize among others.
In an earlier interaction with VCCircle, the firm had said it plans to invest up to $20 million in around 10-15 Indian startups as it eyes to scale up its exposure in the Asia-Pacific region.
The SaaS sector has emerged as one of the top-funded sectors in 2022. As per a latest report by private equity firm Bain, homegrown SaaS firms are poised to touch an annual revenue run rate (ARR) of $35 billion by 2027.
Last month, artificial intelligence-powered SaaS platform Actyv.ai had marked the final close of its pre-Series A funding round at $12 million.