Bengaluru-based SaaS startup Finly has raised an undisclosed amount from Gemba Capital, Chamath Palihapitiya-led Social Capital, and AngelList India. Other investors like 91Springboard and Omphalos Ventures also participated in the funding round.
The startup plans to use the freshly raised capital to expand its product suite and focus on improving the intelligence layer. Furthermore, it will invest the funds for its next phase of growth.
Finly’s technology is used by clients like UpGrad, Quikr, Meesho, ShareChat, OLX India, Rapido, and several other startups.
Founded by Veekshith C Rai and Vivek AG in 2015, the startup helps finance teams with its account payable system to set up their internal financial controls and governance framework and help reduce overall costs. Finly offers software services including expense management system, business payment automation, budgeting and spends analysis tools as well as smart e-procurement system.
Adith Podhar, managing partner at Gemba Capital said, “We believe the team has built a fantastic SaaS product for the global market.”
According to a report by NASSCOM, the Software as a Service market will touch the $3.4 billion mark by 2022, with 36% YoY growth.
Finly competes with other SaaS startups like Bengaluru-based expense management startup Fyle and Gurugram-based Numberz.in. Bengaluru-based AI-powered business expense management startup Happay has also raised $21 million in funds and gives a tough competition to Finly.