Total amount raised
$5.04 Million
Latest funding date
7/3/2024
Location
Dice has successfully raised funding over two rounds, with the latest being a Series A round. Dice's named investors are Dallas Venture Capital, through its DVC India Fund, GVFL and IIT Mandi Catalyst.
What Is Dice?
Dice is a company based in Pune, Maharashtra, India, specializing in corporate spend orchestration, digital commerce, and payments platforms for enterprises. The company operates in the finance, SaaS, and travel industries, providing a holistic spend management ecosystem for corporates and enterprises.
Founded with the vision to redefine SaaS to "Spending as a Service," Dice has grown to support over 500 thousand employees and 150 thousand vendors monthly. The company has an employee count ranging from 101 to 250 and has been acquired by Zaggle.
How Much Funding Has Dice Raised?
- Seed Round
- Amount Raised: $40,000
- Date: April 2020
- Lead Investors: IIT Mandi Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A Round
- Amount Raised: $5,000,000
- Date: July 2024
- Lead Investors: Dallas Venture Capital, GVFL
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support go-to-market strategies, expand market reach, improve customer engagement, and develop AI capabilities.
Total Amount Raised: $5,040,000. Current Valuation: Not publicly disclosed. The total combines a USD 40,000 seed round with an INR 42 crore Series A converted to dollars at the time of the raise.
Key Investors
- Dallas Venture Capital (DVC)
- Details: Co-founded by Dayakar Puskoor and Abidali Neemuchwala, DVC has a history of investments in over 25 companies with 9 successful exits. The firm supports growth in India and the USA through its DVC Advantage program.
- Investment Focus Areas: Technology, SaaS, AI
- Notable Investments: Not publicly disclosed
- GVFL
- Details: GVFL is a significant investor in Dice's Series A funding round. The firm has a strong presence in the venture capital landscape in India.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- IIT Mandi Catalyst
- Details: IIT Mandi Catalyst is an incubator and early-stage investor focused on supporting startups in India. They were the lead investor in Dice's seed round.
- Investment Focus Areas: Technology, Education, Healthcare
- Notable Investments: Not publicly disclosed
What's Next for Dice?
Dice's business now operates within Zaggle Prepaid Ocean Services, which completed the purchase of its assets and IP for about INR 68 crore in cash. With a recent infusion of ₹42 crores, the company aims to enhance its AI capabilities and broaden its market reach, setting the stage for substantial growth.
With the platform and team now part of a listed company, further private fundraising for Dice is not expected. Dice's assets and IP now belong to Zaggle Prepaid Ocean Services.
However, challenges such as navigating complex spend management setups and establishing a foothold in new markets could pose hurdles. Continuous innovation in AI will be crucial for maintaining a competitive edge.
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