Fyle raised$4.2 Million (Rs. 30 Crore) in a series A funding round led by Tiger Global, a New York hedge fund and venture style investor.
Tiger Global holds a 22.5% stack in the company, Beenext23% stack and Pravega 11.3% stack of the company.
Tiger Global released Rs. 23.46 Crore while Beenext and Pravega invested 2.22 Crore and 3.45 crore respectively.
Receiving funds for exploration of business is an important parameter that decides the future of a startup. So investment giants are taking great interest in releasing funds for Innovative startups. Recently Fyle Technologies Pvt. Ltd. A Bangalore based expense management startup has raised $4.2 Million (Rs. 30 Crore) in a series A funding round led by Tiger Global, a New York hedge fund and venture style investor.
According to Fyle’s filing with the Registrar of Companies (ROC) existing investors Beenext and Pravega Ventures also put money in this round. Out of total Rs. 30 Crore fund Tiger Global, via Singapore based investment affiliate Internet Fund V private Ltd. released Rs. 23.46 Crore while Beenext and Pravega invested 2.22 Crore and 3.45 crore respectively.
In this round of funding, the company issued a total 6,260 series A compulsory convertible cumulative preference shares at Rs. 46,999 each to raise the capital. Now Tiger Global holds a 22.5% stack in the company, Beenext 7.23% stack and Pravega 11.3% stack of the company. In April 2018 during previous fundraising round, Fyle raised $1.1 Million Beenext, Pravega Ventures and cloud-based business software firm Freshworks. Freshworks owns a 2.48% stack in the company.
Fyle was founded in 2016 by Yaswanth Madhusudan and Sivaramakrishnan Narayan. They have created a single platform for employees to file expenses through a plug in that extracts the data and classify it from bills inside paper receipts and emails. The plugin creates structured data from e-mails, pdf, and other documents. Its algorithm also checks every transaction with the policy of the company across the entire database to avoid any sort of fraud. It integrates with the firm database smoothly and users can receive appropriate information and data at Microsoft’s Outlook page instantly. The company also has a subsidiary in the US and expanded its business in Singapore and Netherland. Fyle have only a few major competitors, Xpenditure, NumberZ, Happay, and Certify.
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