ZenStatment is looking to launch payable management and cash flow forecasting products to go with its receivable management solution
ZenStatement claims its product assists businesses in monitoring and optimising their cash flows and providing financial insights.
Early-stage SaaS investor Boldcap VC, Dynamis Ventures, Atrium Angels and a host of other angel investors have backed ZenStatement in this round
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Finance management startup ZenStatement has secured $1.62 Mn (around INR 13.4 Cr) in a seed funding round led by Bengaluru-based venture capital firm 3One4 Capital and early-stage SaaS investor Boldcap VC. The round also saw participation from Dynamis Ventures and Atrium Angels.
The fresh proceeds will be deployed to expand its product line, acquire new customers in India as well as overseas markets.
Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement (called SimpliFin formerly) offers AI-driven financial analytics and cash flow management solutions to enterprises handling high transaction volumes and multiple sales channels.
As per its website, the startup is looking to launch payable management and cash flow forecasting products that will help finance teams automate processes. At the moment, it offers a receivable management solution geared towards reconciliation, chargeback management, dispute resolution and more.
ZenStatement claims its product can help businesses monitor leaks and optimise cash flows, while also providing financial insights.
Besides the institutional backers, ZenStatement has raised funds from angel investors including former Apple treasury head Michael Boyd, Pierian Services’ founder Chetan Venugopal, Curefoods founder Ankit Nagori, Onsurity cofounder Kulin Shah, Zetwerk cofounder Ankit Fatehpuria, as well as Shop-up and Voonik cofounders Sujayath Ali and Navaneeth Krishnan.
Sonal Saldanha, VP of investments, at 3one4 Capital claimed that ZenStatement is solving a key problem for large enterprises since its solution can help prevent revenue leakages. “Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives, and a great starting point for a product like ZenStatement,” she added.
The startup’s customer base consists of scaled up enterprises, large startups as well as digital commerce and fintech startups. It claims to have processed approximately 10 Mn transactions per month in the first year of inception.
With generative AI becoming the focal point for all SaaS and enterprise tech startups, investors are flocking to back startups that are catering to enterprises and large operations. As per Inc42’s report on India’s generative AI startup landscape, the market for GenAI products and solutions is projected to cross the $17 Bn mark by 2030.
In particular, enterprises are leveraging AI solutions to save costs and identify revenue leaks and other gaps in their operations.
Just last month, finance automation startup Bluecopa raised $1.8 Mn (INR 14.9 Cr) in a Pre-Series A round led by Blume Ventures and Dallas Venture Capital, among others to cater to large enterprises and small-cap companies.
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