Total amount raised
$10.4 Millions
Latest funding date
10/01/2019
Location
Fyle has successfully raised funding through multiple rounds, with notable investors including Pravega Ventures and Tiger Global Management. The platform offers AI-powered expense management software that automates expense tracking and integrates seamlessly with existing credit cards and accounting software.
Keep reading to explore the intricacies of Fyle's fundraising journey and the investors backing this innovative platform.
What Is Fyle?
Fyle, founded on February 16, 2016, in Bengaluru, Karnataka, India, is an AI-powered expense management software company. The platform automates expense tracking, receipt collection, and credit card reconciliation for small and medium-sized businesses. The company was founded by Sivaramakrishnan Narayanan and Yashwanth Madhusudan and employs between 101-250 people.
How Much Funding Has Fyle Raised?
- Seed Round
- Amount Raised: $400K
- Date: February 2017
- Lead Investors: BEENEXT, Pravega Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The initial funding was likely aimed at developing the product and establishing the company in the market.
- Seed Round
- Amount Raised: $1.1M
- Date: April 2018
- Lead Investors: BEENEXT, Pravega Ventures, Freshworks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding was used to expand Fyle's sales and marketing teams and invest in R&D to enhance customer service.
- Series A
- Amount Raised: ₹300M
- Date: February 2019
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The round was likely aimed at scaling operations and expanding market reach.
- Series A
- Amount Raised: ₹10.4M
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The round was likely aimed at further product development and market expansion.
- Series A
- Amount Raised: $4.5M
- Date: October 2019
- Lead Investors: Steadview Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The round was likely aimed at accelerating growth and enhancing technological capabilities.
Total Amount Raised: $5.9M + ₹310.4M
Current Valuation: Not publicly disclosed
Key Investors
- Steadview Capital
- Details: Steadview Capital is a leading alternative asset management firm based in Hong Kong. They focus on investing in public and private companies across various sectors.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Not publicly disclosed.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that deploys capital globally in both public and private markets. They are known for their significant investments in technology and internet companies.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Facebook, LinkedIn, Spotify.
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology companies. They have a strong presence in Southeast Asia, India, Japan, and the US.
- Investment Focus Areas: SaaS, fintech, e-commerce.
- Notable Investments: Not publicly disclosed.
- Pravega Ventures
- Details: Pravega Ventures is an early-stage venture capital firm that focuses on investing in technology startups in India. They aim to support innovative companies with high growth potential.
- Investment Focus Areas: Technology, SaaS, fintech.
- Notable Investments: Not publicly disclosed.
- Freshworks
- Details: Freshworks is a customer engagement software company that provides innovative solutions to businesses of all sizes. They are known for their suite of products that enhance customer experience.
- Investment Focus Areas: SaaS, customer engagement, CRM.
- Notable Investments: Not publicly disclosed.
What's Next for Fyle?
Fyle is poised to capitalize on the growing demand for automated expense management solutions. With recent funding, the company plans to expand its sales and marketing teams and invest in R&D to enhance customer service. This strategic move positions Fyle to disrupt the market and capture a significant share.
Future fundraising opportunities are likely as Fyle continues to innovate and scale. The competitive landscape, featuring players like Happay and Numberz.in, necessitates continuous investment to stay ahead. However, challenges such as intense competition and the need for constant innovation could pose hurdles along the way.
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