Fintech SaaS Platform Fundflo Technologies Raises Seed Funding
The fundraise will help the company to invest in new technologies and come up with new offerings
Fundflo Technologies, a fintech SaaS platform, has raised undisclosed amount of Seed funding from Ashish Kacholia of Lucky Investments. The fundraise will help the company to invest in new technologies and come up with new offerings.
"The global account receivable automation market size is $3.3 billion and is growing at over 14 per cent annually. India is largely underpenetrated, but the pandemic has accelerated demand for digital solutions that allow employees to work remotely, address increased pressure on working capital and generate cost savings from operational efficiencies," said Rattan Chugh, co-founder, Fundflo Technologies.
The platform solves various problems for the CFO office of manufacturing and trading businesses. These include manual and error-prone 'order to cash' process, poor predictability of cash flow, and lack of access to credit for distributors and suppliers. Within a year of its inception, the platform has over 6000 distributors configured, 860 crore of receivables collected and over 4 lakh trade documents, claimed by the company in a statement.
"Currently the platform facilitates electronic presentment and recognition of payments. Capital raised by the company will be invested primarily in technology to build new offerings in areas such as cash forecasting, data analytics, lending and account payable automation. There are plans to leverage artificial intelligence for smarter decision making," said Rajesh Patil, cofounder, Fundflo Technologies.
Founded in 2021 by Rattan Chugh and Rajesh Patil, Fundflo Technologies has a vision to transform the working capital cycle of businesses by digitizing the B2B supply chain ecosystem across supplier, manufacturer, distributor and lender.
"Inefficiencies in invoice-to-cash process impact business cashflows and Fundflo is solving an important problem. SaaS companies have an attractive business model that creates significant enterprise value and has a clear path to profitability," said Ashish Kacholia, founder, Lucky Investments