Fyle bags $1.1 million from existing investors; Freshworks joins the funding round

“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.