Manch Technologies Secures $1.1 Mn Pre-Series A Funding Led By Bharat Inclusion Seed Fund The new funding will be put towards stepping up its growth internationally and product development initiatives
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Bengaluru-based Manch Technologies, a software-as-a-service (SaaS)-based zero-coding digital transformation platform, on Tuesday announced that it closed a $1.1 million pre-Series A round led by Bharat Inclusion Seed Fund with participation from Pentathlon Ventures.
The new funding will be put towards stepping up its growth internationally and product development initiatives. Manch is also hiring more staff in business development and marketing and plans to significantly increase investment across marketing, sales, and customer support functions as it gears up to scale.
"The zero coding, rapid implementation platform by Manch ensures that our clients concentrate on the core business, while we bring in the efficiencies by reducing costs and TAT by facilitating a self-service paperless, contactless environment. The platform has been very well received by our customers due to the value they have seen in our offerings. The investment from Bharat Inclusion Seed Fund and Pentathlon Ventures further validates our product vision. We believe their experience as first-generation entrepreneurs and expertise in developing complex scalable solutions, will provide Manch the required guidance and enable access to the market and network," said Suresh Anantpurkar, chief executive officer and founder, Manch Technologies.
The high-impact SaaS platform focused on digitalizing interactions of enterprises with their external stakeholders, an area largely disorganized and not effectively addressed by the industry. The innovatively architected feature-rich platform disrupts the enterprise applications landscape by creating its own niche category.
"Partner lifecycle management is an area that is still largely manual, paper-driven, and remains a void left by most enterprise applications. Manch Platform offers a scalable technology architecture to enable organizations to reduce chaos in dealing with the external stakeholders, allowing them to efficiently conduct transactions in a "cash-less, presence-less, paperless" framework. We are really excited to partner with Suresh and the team; the no-code platform Manch has built allows any organization to bring in efficiency in various areas of their dealing with the partners, the tool has multiple applications ranging from partner/vendor onboarding, compliance, reconciliation, and fraud minimization. We are vowed by the list of the marquee clients Manch has been able to attract within a short period of time," shared Saras Agarwal, principal, Bharat Inclusion Seed Fund.
The platform has been well received by several marquee brands in India including Dunzo, NetAmbit, Paytm Money, PharmEasy, Swiggy, Xiaomi, these customers have realized significant cost savings, optimization in the deployment of their resources, and in many instances growth in their topline. Manch has so far processed more than 3 million transactions, the company claimed.
"Given our own background in B2B technology, Manch is exactly the kind of company Pentathlon would like to partner with. Disruptive technology developed by Manch has improved outcomes for the enterprises, enterprises are using Manch across multiple business units, hence creating stickiness," added Shashank Deshpande, managing partner, Pentathlon Ventures.
The startup's revenue grew multi-fold over the past 12 months. During COVID-19 Manch worked with the businesses to streamline their approach to partner management activities.
