It raised the funding from Dubai-based 1Digi Investment management firm, the family office of Raghunath Subramanian, global CEO of Actyv.ai
The fund will be used to scale up its business globally with a focus on entering Singapore, London, Dubai and Eastern Europe
Actyv.ai is an easy to adapt enterprise SaaS platform and is used by enterprises such as Britannia, Nivea, Adani Wilmar, among others
Actyv.ai, an AI-powered enterprise SaaS startup has secured $5 Mn in a Pre-Series A funding round from Dubai-based 1Digi Investment management firm to scale up and expand its business globally. 1Digi Investment management firm is the family office of Raghunath Subramanian, global CEO of Actyv.ai.
The Bengaluru-based startup solves complex business and real-life problems for enterprises by leveraging existing IT systems by using ‘the low-code and no-code workbench of Actyv.ai’, the startup said.
“We have pioneered the B2B BNPL space in the closed-loop ecosystem comprising enterprises, SMBs and financial institutions. Actyv.ai platform enables quick and efficient onboarding, comprehensive health assessment and scoring of SMBs. As category creators, we know there is a tremendous opportunity to bridge gaps prevalent in the supply chain ecosystem globally,” said Subramanian.
Actyv.ai is used by large enterprises such as Britannia, Nivea, Adani Wilmar, among others to transform their supply chains and empower their partners with an intuitive platform and financial products, the fintech startup said.
Software as a service (SaaS) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as on-demand software and web-based/web-hosted software.
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Moreover, as per the startup, its Actyv Score, an automated multi-dimensional credit score based on document data and transaction data, enables financial institutions including Kotak Mahindra Bank, Axis Bank, among others to provide unsecured, low-interest, closed-loop credit (Buy Now Pay Later for B2B) for small and medium businesses (SMBs).
“We are confident that Actyv.ai has the potential to reach the under-served category and evolve as a game-changer in the B2B space,” Subramanian added.
“Our immediate focus will now be to onboard globally, top-tier talent across research and development, product management and engineering, sales and marketing/business development and corporate development across India, Singapore, London, Dubai and Eastern Europe,” he said.
Prior to starting Actyv.ai, Raghunath Subramanian was a founding member and chairman of UiPath India. During his six-year tenure at UIPath, a robotic process automation company, he got it listed at New York Stock Exchange (NYSE). He has also worked for Hexaware and EXL Service before joining UiPath.
He has been an early investor in Actyv.ai and is widely recognised as a technology, entrepreneurial and corporate leader across the world. He is also an active board member and investor in companies such as BritishVolt, Simple Energy, Tender Cuts, Social Swag among others.
Back in 2019, Actyv.ai raised $3 Mn from InnoCells, the Barcelona-based innovation hub and corporate venturing vehicle of Banco Sabadell in a Series A follow-on round.
The fintech sector is on a roll with the maximum amount of funding raised by it in the year 2021. As per Inc42’s State Of Indian Fintech Report, Q1 2022 report, the country’s fintech startups raised around $8 Bn ($7.97 Bn, to be precise) across 280 funding deals in 2021, a record high in both cases, while the average investment ticket size stood at $33 Mn.
If we talk about the fintech startups, it was just yesterday another fintech startup RapiPay raised $15 Mn in funding to launch NYE, a new-age digital banking super app.