The current round also included the $5 Mn raised by the startup in February last year from 1Digi Ventures
Actyv.ai will also use the funding to ramp up talent acquisition and invest more in product enhancement
The startup partners more than 20 leading financial institutions and has so far onboarded nearly 25,000 distributors and 1 Lakh retailers on its platform
Enterprisetech startup Actyv.ai has announced the close of a $12 Mn (INR 96 Cr) Pre-Series A fundraise from Singapore-based 1Digi Ventures.
This round includes the $5 Mn raised by the startup in February last year. 1Digi Ventures, Singapore is the family office of Raghunath Subramanian, who is the founder and global chief executive officer (CEO) of the startup.
Actyv.ai will use the funding to fuel global expansion and portfolio growth. It will also deploy the funding to shore up talent acquisition and invest more in product enhancement.
“We now have a proven track record of achieving milestones in product development, business growth and attracting talent… This additional infusion of funds validates our being category creators in this space and the conviction to augment our platform’s capabilities,” said CEO and founder Raghu Subramanian.
Founded in 2019 by Subramanian, Raghu Venkat and Ramkumar Thirumurthi, Actyv.ai is an AI-powered software-as-a-service (SaaS) platform that is used by large enterprises to transform their supply chains and offer financial products to their clients. It also offers multiple embedded finance offerings such as B2B buy now pay later (BNPL), credit scores and insurance for distributors and retailers onboarded with the enterprises.
The startup last raised $5 Mn in February 2022 which was part of the current fundraise.
The startup claims to have partnered with more than 20 leading financial institutions so far. The company has also onboarded nearly 25,000 distributors and 1 Lakh retailers on its platform since its inception.
Actyv.ai currently caters to big enterprises such as Adani Wilmar, Britannia, Nivea, Alkem, among others. It also partners with financial institutions such as Axis Bank, Kotak Mahindra, Bank, IndusInd Bank, South Indian Bank, among others.
As per the company, Actyv.ai’s total BNPL throughput crossed the $100 Mn mark in December 2022.
The announcement comes at a time when enterprisetech continues its dominance as one of the preferred investment destinations for venture capital firms. The recent Inc42’s annual investors’ survey found that a majority of the 50+ investors polled were bullish about the enterprisetech sector in FY24. Numbers also show the same.
According to Inc42, Indian enterprisetech startups raised a mammoth $3.8 Bn in funding in 2022, emerging as one of the most popular avenues for investors. Not just that, the sector also produced six unicorns, minting the highest number of unicorns in during the year
To that effect, 2023 has also begun on a positive note. Earlier this week, SaaS startup SirionLabs bagged $25 Mn in funding from Brookfield Growth.
According to a report, the Indian SaaS industry is estimated to capture 9% of the global SaaS market by 2025.
