Dice Bags $5 Mn To Help Enterprises Manage Expenses With AI Solutions

AI-based enterprise spend management platform Dice has raised $5 Mn (INR 42 Cr) led by cross-border venture capital firm Dallas Venture Capital, with participation from GVFL (formerly Gujarat Venture Finance Limited).

The startup plans to use the fresh funds for various go-to-market initiatives, which are designed to enhance market penetration, broaden customer outreach, optimise sales and marketing strategies and enhance AI capabilities to improve user experience.

Founded in 2018 by Prashant Singh Kushwah and Sonam Khubchandani, Dice is a corporate spend orchestration, digital commerce and payments platform for enterprises. The startup claims that its connected ecosystem hosts over 500K employees and 150K vendors every month, processing transactions worth $1.5 Bn, annually.

Its spend management solution uses AI to improve the experience of enterprises consuming B2B goods and services and help manage enterprise spending. It has a connected ecosystem to manage the spending incurred across different stakeholders and channels – from travel, reimbursements, and imprest, to procurement, accounts payable, and utility payments.

As per its website, Dice’s client portfolio includes Tata 1mg, BigBasket, Fino, Britannia, and DTDC, among several others.

Kushwah, said, “We aim to democratise spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails… This funding will empower us to expand our product offerings, grow rapidly in overseas markets, and deliver even more value to our clients.”

Meanwhile, Khubchandani, cofounder and head of business development at Dice, said that the funding will help its expansion in the overseas markets, starting with EMEA.

Dallas Venture Capital is aiming to help Dice accelerate its growth in India and the USA through the DVC Advantage program which has an extensive network of advisors and partners, said Dayakar Puskoor, managing partner at the VC firm.

In a crowded spend management software market, Dice is expected to compete with happay, which was acquired by fintech major CRED, Volopay, and many others. Recently, online travel aggregator, Yatra launched an expense management solution to help international and domestic enterprises in the travel segment manage their business expenditures efficiently. 

As per a report, the global business spend management software market size is projected to grow to $57.22 Bn by 2032, at an 11.8% CAGR between 2024 and 2030.