Quolum Inc., a startup focussed on expense management tools for software-as-a-service subscriptions, has raised $2.75 million (approximately Rs 20.85 crore at current exchange rates) in a seed funding round.
The round has been led by Sequoia Capital accelerator Surge and Nexus Venture Partners. Other angel investors also took part in the round.
Indus Khaitan, founder at Quolum, said the company aims to give finance a better set of tools, not just put a dollar amount but also the utilization, according to a TechCrunch report.
Quolum was set up last year by Khaitan, with its focus on helping companies manage their SaaS subscriptions and spend by providing them with both capital and intelligence insights. Currently, the company has a presence in Bengaluru and the US.
Khaitan is a Birla Institute of Technology alumnus who has worked for companies including Oracle and Chargebee. He has also acted as an advisor to Sequoia, according to his LinkedIn page.
The investment in Quolum marks the third reported bet or recommitment to a startup by Nexus Venture Partners just this week. Its other deals this week include application programming interface (API) testing platform Postman Inc., which raised $150 million (around Rs 1,138 crore) in a Series C funding round at a $2 billion valuation.
Also this week, the US- and India-based enterprise automation startup JIFFY.ai raised $18 million (around Rs 135.6 crore) in a Series A round, with Nexus leading the exercise. Rebright Partners and W250 Venture Fund also participated in this funding round.
The homegrown domestic VC firm was founded by Naren Gupta, Suvir Sujan and Sandeep Singhal in 2006. It had raised $100 million in its maiden fund in the same year, $220 million in its second fund in 2008, and $270 million in its third fund in 2012. The VC firm was inching close towards the final close of its fifth fund last year.
Surge, meanwhile, has itself been funding startups from within and outside its cohorts at a breakneck pace. In April, it enlisted 15 startups for its third batch, with seven of them being from India.
Some of the companies that Surge has invested in recently include lifestyle community commerce platform Trell, video production and editing platform InVideo, and e-sports streaming and community platform Rheo.