CHENNAI:
Spendflowa tool as a Service (SaaS) purchasing and control answers supplier, has raised $11 million in Series A investment in a spherical led by way of Prosus Ventures and Accel.
The investment spherical comes 10 months after its seed spherical, bringing the full budget raised to $15.4 million from buyers together with Prosus Ventures, Accel, Together Fund, Signal Peak Ventures and Boldcap Ventures,
The Chennai and US-based corporate objectives to make use of the budget to gas product development and boost up international enlargement with a robust focal point on furthering development within the North American marketplace. For this, the corporate plans to extend hiring of regional marketplace leads and adopt extra on-ground task within the area.
Since its inception in 2021, Spendflo has established a world presence, serving consumers throughout North America, Europe, APAC, and the Middle East. The corporate’s industry has grown 30% month on month because the get started of 2022, multiplying its income 15 occasions, rising its buyer rely by way of 5X and increasing the staff dimension four-fold.
“As cost optimization becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing and saving on SaaS from one place,” Siddharth Sridharan, co-founder and CEO, Spendflo, mentioned.
“Outsourced SaaS procurement and control is rising as a dominant space of hobby for organizations, pushed by way of a fancy SaaS stack and want to rationalize price base. We’ve tracked Spendflo’s adventure since their preliminary days and are extraordinarily inspired with the staff and its pedigree, evolution of product platform and contours, and a roster of marquee trademarks around the globe,” Ashutosh Sharma, head of investments, India, at Prosus Ventures mentioned.
Spendflo’s consumers come with high-growth companies equivalent to Mindtickle, Hasura, Drip, 4G Clinical and Wodify amongst others.