Total amount raised
₹423 Million
Latest funding date
7/1/2024
Location
Dice has successfully raised funding over two rounds, with the latest being a Series A round. The company is backed by four investors, including String Ventures and GVFL.
Keep reading to explore the intricacies of Dice's fundraising journey and the investors backing this innovative platform.
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.
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 is poised to capitalize on significant opportunities, particularly in expanding into overseas markets like EMEA. 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.
Future fundraising rounds seem likely as Dice continues to scale its operations and explore international markets. The company's focus on AI-based solutions aligns well with industry trends, making it an attractive candidate for further investment.
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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