Febi.ai Raises $2 Mn in pre-Series A funding

Febi.ai bags $2 Mn in a pre Series A funding round

SUMMARY

Febi.ai will deploy the fresh proceeds to bolster its AI efficiency to automate accounting and tax compliance, boost customer acquisition and enhance workforce, it said in a statement.

Febi.ai was founded in 2022 by Amit Jindal, Saurabh Jain, Ashu Goel, and Rahul Bansal

The platform offers documentation management and tax compliance automation solutions.

AI-driven accounting and bookkeeping platform provider Febi.ai has raised $2 Mn (about INR 16.8 Cr) in its pre-Series A funding round co-led by Lumis Partners, former JP Morgan executive Virender Rana, and Lenskart cofounder Amit Chaudhary.

The funding round also saw participation from Indian Angel Network cofounder Padmaja Ruparel, Cashkaro cofounder Rohan Bhargava, Fino Payments Bank chairman Rajat Jain, among others.

The startup will deploy the fresh proceeds to bolster its AI efficiency to automate accounting and tax compliance, boost customer acquisition and enhance workforce, Febi.ai said in a statement.

Founded in 2022 by Amit Jindal, Saurabh Jain, Ashu Goel, and Rahul Bansal, the platform offers documentation management and tax compliance automation solutions. It also claims to provide real-time business insights to founders to help them make informed decisions.

Commenting on the funding, Febi.ai cofounder and CEO Jindal said, “…it (the platform) will empower entrepreneurs and the CA community with real-time insights and effective ways to manage accounting and tax compliance functions.”

The B2B startup claims to cater to startups and medium sized businesses across industries.

The development comes at a time when AI-driven companies are flourishing across industries in the country. India is home to more than 100 GenAI startups and these startups have raised more than $600 Mn since 2019.

According to Inc42 data, India’s GenAI market is expected to see a major boom in the coming years and is projected to cross the $17 Bn mark by 2030. As a result, the space is seeing a lot of interest from investors.

Last month, AI-powered legal tech startup jhana.ai raised $1.6 Mn in its maiden funding round, led by Freshworks cofounder Girish Mathrubootham’s venture capital firm Together Fund.

In August, AI-powered finance operations automation startup Bluecopa raised $1.8 Mn in its pre-Series A funding round from Blume Ventures, Dallas Venture Capital and Venture Catalysts.