Bengaluru-based expense management startup Fyle has raised ₹30 crores in series A round of funding from venture capital firm Tiger Global as well as existing investors Pravega Ventures and Beenext. The startup plans to use the freshly raised capital to expand its operations and scale up its businesses.
According to an assessment by paper.vc, Fyle issued 6,260 series A CCCPS at a price of ₹46,599 each. Tiger Global alone purchased 5,045 shares at a total cost of ₹23.46 crores. The rest ₹6.54 crores were poured in by other investors. Beenext and Pravega purchased 472 and 743 CCPS respectively for ₹2.1 crores and ₹3.5 crores. Other leading stakeholders in the company are Pravega with 11.35 per cent stake, Beenext with a 7.23 per cent stake and Freshworks with 2.48 per cent.
Fyle earlier raised a Pre-Series A round of ₹1.79 crores in August-November 2018 from RSP India fund, Bharati Balakrishnan and Sarika Garg. In April 2018, the startup raised ₹7.7 crores from Beenext, Pravega Ventures and Girish Mathrubootham-led Freshworks. The development marks Tiger Global’s third investment in an Indian startup after it raised ₹26,250 crores for its 11th fund.
Founded by Yashwanth Madhusudam and Sivaramakrishnan Narayanan, the three-year-old startup helps individuals, businesses and non-profit organizations keep track of their expenses through its technology platform. Its machine learning powered data extraction technology and algorithms can extract data from any receipt automatically.
Recently, the company expanded its operations in Netherlands and Singapore after it launched its US subsidiary in 2016. The startup recorded revenue of ₹47.84 lakhs for the financial year ending in March 2018. Fyle reported its expenses at ₹21.96 crores and net losses at ₹12.75 crores.
Fyle’s customers include HeroFincorp, Investec, Capillarytech, Teach For India, RPG group and more. It competes with startups like Sodexo-owned Xpenditure, Kae Capital-backed Numberz, ItzCash-backed Finly, and Sequoia-backed Happay.