INSUBCONTINENT EXCLUSIVE:
Fyle, a Bangalore-headquartered startup that operates an expense management platform, has extended its previous financing round to add $4.5
million of new investment as it looks to court more clients in overseas markets.The additional $4.5 million tranche of investment was led by
United States -based hedge fund Steadview Capital, the startup said
Tiger Global, Freshworks and Pravega Ventures also participated in the round
The new tranche of investment, dubbed Series A1, means that the three-and-a-half-year-old startup has raised $8.7 million as part of its
Series A financing round, and $10.5 million to date.The SaaS startup offers an expense management platform that makes it easier for
employees of a firm to report their business expenses
The eponymous service supports a range of popular email providers, including G Suite and Office 365, and uses a proprietary technology to
scan and fetch details from emails, Yash Madhusudhan, co-founder and CEO of Fyle, demonstrated to TechCrunch last week.A user, for instance,
Users will now be able to take pictures of their tickets and other things and forward it to Fyle, which will quickly scan and report expense
filings for them.These integrations come in handy to users
And traditionally it has been a pain point for them to get done with their expense filings
So we built a platform that looks at the challenges faced by them
Major giants already subscribe to ERP services that offer similar capabilities as part of their offerings
application and a mobile app, and users are free to use them
But the rationale behind introducing integrations with popular services is to make it easier than ever for them to report filings
The startup retains its algorithms each month to improve their scanning abilities
Earlier this year, it began searching for clients outside the nation
Fyle has amassed more than 300 clients, more than 250 of which are from outside of India
Today, the startup says it has customers in 17 nations, including the United States and the U.K
accelerate its momentum, the startup is today also launching an enterprise version of Fyle that will serve the needs of major companies
The enterprise version supports a range of additional security features, such as IP restriction and a single sign-in option.Fyle will use
the new capital to develop more product solutions and integrations and expand its footprint in international markets, Madhusudhan said
The startup, which just recently set up its sales and marketing team, will also expand the headcount, he said.Moving forward, Madhusudhan
said the startup would also explore tie-ups with ERP providers and other ways to extend the reach of Fyle.In a statement, Ravi Mehta, MD at
We are excited to partner with Fyle to transform one of the core business processes of expense management through intelligence and
