Bengaluru-based expense management startup Fyle has raised $4.5 Mn from US-based hedge fund Steadview Capital. Along with the Series A funding round of $4.2 Mn raised from Tiger Global and existing investors Pravega Ventures, Beenext, and Freshworks in March this year, the startup has raised a total of $10.5 Mn till date.
According to an ET report, Fyle plans to use the funds raised to invest in bolstering its expense management product and expand its global market footprint with additional sales and marketing investments.
Founded in 2016 by Yashwanth Madhusudan and Siva Narayanan, Fyle is an expense tracking platform for businesses. Its machine learning-powered data extraction technology can extract data from any receipt automatically. This software is also integrated with Google’s GSuite, Microsoft Outlook apps and other productivity apps or suites that businesses may use. Along with the latest funding round, Fyle is adding a WhatsApp-centric feature that lets employees text receipts and automatically create expense entries.
The WhatsApp integration is Fyle’s latest innovations in the field of business expense tracking and management including a first-of-its-kind data extraction engine that can identify and reproduce data from any kind of business receipt or invoice with a single click. Fyle also detects anomalies in expense data to ensure compliance with corporate policies and limit losses due to malfeasance or wrong invoicing.
The company claims that its revenues have increased 5x over the past five months while the team has grown three-fold. Over the years, it has onboarded enterprise customers such as Edelweiss Tokio Insurance, Royal Enfield, Qubole, Freshworks, NinjaVan, Solar-Home and Sumimoto Corp’s Sei-Innovation.
Fyle competes with the likes of Happay in the Indian market. Also based in Bengaluru, Happay was founded by Anshul Rai and Varun Rathi in 2012 and had teamed up with major banks in the country to roll out prepaid card linked to travel and entertainment solutions for enterprise customers.Happay’s investors include Sequoia Capital India, Singapore-headquartered private equity fund Axiom Capital, AME Cloud Ventures and others.
Other expense management platforms include ItzCash-backed Finly as well as Gurugram-based Numberz.in, which has been backed by Kae Capital and Khosla Impact.