A Bangalore based expense management start-up, Fyle successfully raised $4.5 Million in a venture capital investment funding series from a US-based hedge fund, Steadview Capital in April 2019 following its Series A round. Numerous investors participated in the funding series including Freshworks, Tiger Global and Pravega Ventures.
With the intention to use the funding for efficient product innovation and expand its global market footprint along with additional marketing and sales investment, Fyle has yet achieved an investment of $10.5 million for its operations.
If we talk about its prior investment’s then the start-up received an investment of $4.2 million in Series A funding which was led by Tiger Global Management. At present, more than 300 companies in India, the US, European Union, UK, and Singapore use Fyle.
The start-up was originated by Sivaramakrishnan Narayanan and Yashwanth Madhusudan (former-colleagues at Qubole). The start-up works to offer expense management solutions for organizations and persons. The company makes use of machine learning-powered data extraction technology which can excerpt information from any receipt mechanically. This software is also united with Google’s GSuite, Microsoft Outlook apps and other efficiency apps or suites that businesses may use. Along with the newest capital round, Fyle is also adding a WhatsApp-centric feature that allows the employees to text receipts and routinely generate expense entries. The innovation by the company also senses irregularities in expense data to safeguard compliance with corporate policies and limit losses due to malfeasance or incorrect billing.
With all these investments and efficient market use, the start-up released a statement claiming that the company revenues over the past five months have increased by good number and the in-house team has grown in size by three times. They have acquired great clients like Royal Enfield, Edelweiss Tokio Insurance, Freshworks, Solar-home, NinjaVan, Qubole, and Sumimoto Corp’s Sei-Innovation.
Ravi Mehta, Managing Director at Steadview Capital, on the investment stated that Intelligent and automated systems efficiently empower businesses to be more effective in coming times. The company is enthusiastic to partner with Fyle to transform one of the major business processes of expense management through automation and intelligence.
Yashwanth Madhusudan strongly believes in expanding its market presence in the US and UK to meet client demand by partnering with Steadview Capital. The start-up has generated a client priority culture and with this financial backing, they will be empowered to work efficiently on product innovation to offer a truly automated process for expense management.