Mumbai-based MyCFO has raised $1.5 Mn in Series A round from Sameer Koticha who is the promoter of the ASK Group. MyCFO hosts a range of services from budgeting to cash flow management to ERP implementation. The funds will be used by the company to expand its team of senior level professional which has 135 executives at the moment across seven cities.
It is also working on tying up with software providers to create packaged solutions for automating some of its tasks such as compliance services which could help it in going lean and accelerate delivery time at the same time.
Deepak Narayan and S Venkat founded the company in 2006, when they both left their senior position in field of finance in big firms, that is, Ernst & Young and Hines respectively. Nearly half the company’s revenues come from startups and other private companies who are on the lookout for private equity investment. Prior to their current venture, they both started WealthTree Advisors which assisted companies and government agencies around the globe in doing business in the country as well as help Indian companies expand overseas.
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