Software-as-a-service (SaaS) management platform Zluri has raised seed funding of $2 Mn from Endiya Partners and Kalaari Capital to expand its sales, marketing and engineering functions.
Besides this, the company will also be focusing on building integration and no-code workflow automation for SaaS applications. Zluri’s SaaS management platform enables businesses to discover and manage third-party SaaS as well as their security and compliance from a command centre. The company claims that it gives information technology (IT) teams a greater control of managing tech stack. It further adds these solutions can be deployed by mid-sized companies as well as large enterprises.
Founded by Sethu Meenakshisundaram, Ritish Reddy, and Chaithanya Yambari, who have previously worked in the founding team of immersive gamification and simulation software company KNOLSKAPE. The trio started Zluri last year in order to capitalise on the growing SaaS market.
Zluri claimed that a company with 200 employees uses more than 150 SaaS applications to manage operations, but there is no efficient system to manage the deployment of these applications. This lack of a proper management solution leads to revenue leakage, sub-par utilisation of assets and duplication of software resulting in higher costs.
“Issues such as overspending, shadow IT, under-utilisation, duplication, compliance, and security-related issues have all come about lately due to the SaaS explosion. Zluri’s mission is to help companies to accelerate innovation through the software stack they purchase, but without the hassles that come along with it,” cofounder Sethu Meenakshisundaram said, adding that as SaaS applications power more organisations, solutions such as Zluri will become essential.
According to projections by market research firm Valuates Reports, the global SaaS market will reach $307 Bn in market size by 2026 from $158 Bn in 2020. In India, enterprise tech has continued to gather investor confidence, with the sector figuring among the top three most funded sectors for the past three years.
In 2020, with the pandemic pushing businesses towards rapid digital transformation, enterprise tech startups noted a 49.2% spike in total funding from $1.15 Bn in 2019 to $1.7 Bn in 2020. Overall, $11.5 Bn was invested in Indian startups in 2020 and 11 startups entered the unicorn club, including SaaS companies Zenoti and Postman.