BlyukopaAn Indian startup building a financial automation platform for large companies has raised $2.3 million to expand its offering to the global market.
The seed funding round was led by Mumbai-headquartered Blume Ventures with participation from Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.
He was also joined by Chargebee founders Krish Subramanian and Rajaraman Santanam, Rohit Chennamaneni of HR platform Darwinbox, and Asad Khan and Jay Singh of cross-browser testing tool LambdaTest.
“If you draw an analogy to, say, Salesforce for sales, Marketo for marketing, GitHub for developers, there is a big gap in the financial space,” Nilotpal Chanda, co-founder and chief business officer of Bluecopa, told TechCrunch in an interview. .
Bluecopa was founded in 2021 by Chanda and fellow entrepreneurs Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio previously worked together on tax management platform Optotax, which was acquired by non-banking platform Open last February. Tuplejump, another startup founded by Buddhavarapu, has been acquired Apple in 2016.
Unlike a traditional platform that requires specific knowledge to operate, Bluecopa’s offering is positioned as working without special knowledge requirements. It also claims to work with every SaaS tool in existence, as well as Excel, Google Sheets, and every other platform that finance teams use.
“This is the layer that connects to all of these tools in the organization, extracts data, cleans, consolidates, normalizes, and then provides all this information in a human-friendly format,” Chanda explained.
The tool offers an Excel-like interface that finance experts can easily use to understand their companies’ accounts, he said. “Basically, the tools available today are not very user friendly. In addition, it takes a lot of time to implement them,” he said.
Google Ventures-backed Anaplan and Vareto are among Bluecopa’s competitors. However, Chanda told TechCrunch that the maturation period for his platform is much shorter, as it only takes four to six weeks for it to be rolled out to an organization. In addition, the solution is said to have a price advantage over other similar platforms available on the market.
“If you look at the proportion of building and buying, total cost of ownership [total cost of ownership] much, much lower — almost 85 to 90% savings,” said Chanda.
Blyukopa focuses its platform on large enterprises with high transaction volume, including e-commerce companies. “We are already talking to very large key logos in the region,” Chanda said, adding, “We are also bringing in many early adopters in the US and North American markets.”
The Hyderabad-based startup has refrained from disclosing information about its customers.
“We are in the implementation phase,” the chief said. “It is used in a small division of a large e-commerce company. As long as we do not earn to the fullest, it is not very convenient for us – both sides – to disclose information, ”he said.
Anirvan Chowdhury, vice president of Blume Ventures, told TechCrunch that Apple’s acquisition of startup Buddhawarapu was instrumental in the venture capital fund’s decision to invest in Bluecopa.
“The main factor was GTM and the business model,” Chowdhury said. “But the fact that someone created a product that was Satya’s Tuplejump was essentially a product that could compete with Snowflake. And the leading software company in the world has seen enough value that I want to purchase this product… this is a huge confirmation.”
Details of the valuation weren’t announced, though Chowdhury told TechCrunch it’s “over $10 million.”
“This is a serious problem, especially in industries with a high volume of transactions, such as e-commerce, logistics, financial services, etc. Addressing these aspects can increase sales by 20% and profitability by 30%,” Buddhavarapu said in the report. prepared statement.
“Bluecopa is supporting the global financial community of 10 million to dramatically reduce decision time and focus on the big numbers,” he said. The startup has a team of 17 people. With the new investment, the company plans to hire additional professionals and expand its customer base, as well as improve the platform.
Credit: techcrunch.com /