Expense management start-up Fyle has raised over Rs 7 crore (USD 1.1 million) in pre-series A funding from existing investors Pravega Ventures and Beenext, a Singapore-based venture capital firm.
Girish Mathrubootham-led Freshworks also made a strategic investment in the company, contributing close to Rs 1 crore in the Bangalore-based company. Pravega Ventures pumped in over Rs 3 crore, while Beenext contributed close to Rs 2 crore.
“We will use the funding to grow our sales and marketing team, and also for R&D. We are on course to launch some new products and services in the market in next few months that will further ease the hassle of expense management,” Yashwant Madhusudan, Chief Executive Officer of Fyle told Moneycontrol.
Fyle, which also operates a subsidiary in the US, will use part of the funding to expand in that region.
“Our products are designed and built as experiences that will make life easier for our customers. Fyle is attempting to do the same in expense management, and we also have been using them for a while. They have a solid team with a great product aimed at a market that can use some disruption. We are delighted to be investing in them,” Girish Mathrubootham, CEO of Freshworks, said.
Fyle, founded in 2016 by Madhusudan and Sivaramakrishnan Narayanan, allows employees to track and manage their travel, insurance, local conveyance, medical expenses and other company-related expenses. The product integrates seamlessly with Microsoft Outlook and GSuite, which allows employees to file expenses via existing work flow applications such as e-mail, without manual data entry.
Fyle’s product automatically extracts required information for expense filing, in accordance with the company policies. “Most expenses and bills are not filed on time because of manual intervention and the hassle of it. Our product is convenient and works on real-time,” Madhusudan said.
“When an employee books a flight ticket, for example, our data extraction engine extracts all of the data in the invoice including details like ticket amount, class of travel, and timings, among others,” he added.
Fyle’s enterprise clients include Investec, Teach for India, RPG group, Capillary Technologies, Hero MotoCorp, Proptiger etc. The company claims to have around 45,000 users in 42 countries.
Fyle raised its seed funding round, worth Rs 2.7 crore, in February last year which was led by Pravega Ventures and BeeNext. Angel investors including redBus co-founder Phaninder Sama, Zivame founder Richa Kar, and Qubole co-founder Joydeep Sen Sarma are investors in the company in individual capacity.