Led by Prosus Ventures and Accel, the funding will also be deployed to fuel product growth
Founded in 2021, the startup claims to have grown 30% MoM and has multiplied its revenue 15X since 2022
The fresh funds have come ten months after the enterprisetech platform raised $4.4 Mn in a seed funding round led by Accel India and Together Fund
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Software-as-a-service (SaaS) platform Spendflo has raised $11 Mn as part of its Series A funding round led by Prosus Ventures and Accel.
The startup will use the funding to expand its global footprint and strengthen its presence in North America. The SaaS platform also plans to ramp up local hiring and shore up on-ground activity to raise brand awareness in newer markets. The capital will also be deployed to fuel product growth.
“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing, and saving on SaaS from one place. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Spendflo’s co-founder and CEO Sidddharth Sridharan.
Chiming in, Dinesh Katiyar, partner at Accel, said, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform… Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”
Founded in 2021 by Sidddharth Sridharan, Ajay Vardhan and Rajiv Ramanan, Spendflo operates an all-in-one enterprisetech platform that allows high-growth companies to buy, negotiate and renew SaaS products. It also helps clients automate their entire procurement process by leveraging its collaborative tool to avoid overbuying a SaaS product for a single entity.
The new fundraise comes nearly a year after the enterprisetech platform raised $4.4 Mn in a seed funding round led by Accel India and Together Fund. With this, the startup has so far raised funds to the tune of $15.4 Mn. The startup was incubated by Accel’s pre-seed funding programme Atom, from which it also raised $250K in funding.
The startup counts big names such as Mindtickle, Hasura, Drip and Wodify as its customers.
Since its inception, Spendflo claims to have seen a hockey-stick growth. It currently caters to customers across the globe, including North America, Europe, Asia-Pacific and the Middle East.
The startup claims to have grown 30% month-on-month (MoM) since the beginning of 2022 and has multiplied its revenue 15X since then. It also claims to have scaled its customer count by 5X and expanded its team size by 4X since 2022.
The fundraising comes at a time when the overall outlook for the Indian startup ecosystem appears gloomy. This has also rubbed off on the homegrown enterprisetech landscape which had so far been the choice of global companies for its cheaper and high-quality products.
As funding winter intensifies, many companies across the world have cut back on SaaS spending, which has impacted the Indian enterprisetech players.
As a result, the funding slowdown has also impacted the SaaS space. Despite challenges, the Indian enterprisetech arena emerged as the third highest funded sector in the first quarter of 2023, raising 194 Mn across 41 deals.
Last month, B2B SaaS startup Mystifly bagged $8 Mn in its pre-Series B funding round from Cornerstone Venture Partners Fund. Before that, healthtech SaaS startup HealthPlix secured $22 Mn in a mix of equity and debt funding while logistics SaaS platform Pidge picked up $3 Mn in its Pre-Series A funding round.
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