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Fundflo Technologies, a fintech SaaS platform, has raised an undisclosed amount of seed funding from Lucky Investments’ Ashish Kacholia. The fundraising will help the company invest in new technologies and offer new offers.
“Global Accounts Receivable Automation market size is $3.3 billion and growing at more than 14% annually. India is vastly under-penetrated, but the pandemic has accelerated demand for digital solutions that enable employees to work remotely, cope with increased pressure on working capital, and drive cost savings through operational efficiencies,” said Rattan Chugh, co-founder of Fundflo Technologies.
The platform solves various problems for the office of the CFO of manufacturing and trading companies. These include the manual and error-prone “order-to-cash” process, poor cash flow predictability, and lack of access to credit for distributors and suppliers. Less than a year after its inception, the platform has over 6,000 distributors configured, 860 crores in receivables collected and over 4 lakh in trade documents, claimed by the company in a statement.
“Currently, the platform facilitates the electronic presentation and recognition of payments. The capital raised by the company will be invested primarily in technology to create new offerings in areas such as cash forecasting, data analysis, lending and accounts payable automation, there are plans to leverage artificial intelligence for smarter decision-making,” said Rajesh Patil, co-founder of Fundflo Technologies.
Founded in 2021 by Rattan Chugh and Rajesh Patil, Fundflo Technologies has a vision to transform the working capital cycle of businesses by digitizing the B2B supply chain ecosystem between suppliers, manufacturers, distributors and lenders.
“Inefficiencies in the bill-to-collect process are impacting businesses’ cash flow, and Fundflo is solving a significant problem. SaaS companies have an attractive business model that creates significant enterprise value and has a clear path to profitability,” said Ashish Kacholia, Founder of Lucky Investments.