Bluecopa, an Indian startup constructing a finance operations automation platform for high-volume firms, has raised $2.3 million to broaden its providing within the international market.
The seed funding spherical was led by Mumbai-headquartered Blume Ventures, with participation from Titan Capital, T-Fund, Speciale Make investments, Bharat Founders Fund, T2D3, Amplify and Drive Ventures.
It was additionally joined by Chargebee founders Krish Subramanian and Rajaraman Santhanam, Rohit Chennamaneni of HR administration platform Darwinbox and Asad Khan and Jay Singh of cross-browser testing software LambdaTest.
“Simply to take an analogy, say Salesforce for gross sales, Marketo for advertising, GitHub for builders, there’s a massive whitespace within the finance house,” stated Nilotpal Chanda, co-founder and chief enterprise officer of Bluecopa, in an interview with DailyTech.
Bluecopa was based in 2021 by Chanda and his fellow entrepreneurial teammates Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio beforehand labored collectively at tax administration platform Optotax, which was acquired by neobanking platform Open in February final yr. Tuplejump, one other startup Buddhavarapu based, was acquired by Apple in 2016.
Bluecopa co-founders Raghavendra Reddy, Satya Prakash Buddhavarapu and Nilotpal Chanda (from left to proper). Picture Credit: Bluecopa
In contrast to a standard platform that requires particular experience to function, Bluecopa’s providing is touted to work with no particular data necessities. It additionally claims to work with all the prevailing SaaS instruments in addition to Excel, Google Sheets and all different platforms that finance groups use.
“It’s a layer that connects to all these instruments within the group, fetches information, cleans, consolidates, normalizes after which offers all that data in a really human consumable format,” Chanda defined.
The software provides an Excel-like interface that finance specialists can simply use to know their firms’ accounts, he stated. “Basically, the instruments out there right now usually are not very user-friendly. It additionally takes numerous time to implement them,” he stated.
Anaplan and Google Ventures-backed Vareto are amongst a number of the rivals of Bluecopa. Nonetheless, Chanda informed DailyTech that the gestation interval together with his platform is far smaller because it takes simply 4 to 6 weeks to get it deployed at a company. The answer additionally claims to have a value benefit over different related platforms out there available in the market.
“In case you take a look at construct versus purchase proportion, the TCO [total cost of ownership] is far, a lot decrease — virtually 85 to 90% value financial savings,” Chanda said.
Bluecopa is focusing on its platform at high-transaction, high-volume companies, together with e-commerce firms. “We’re already talking to very massive, key logos within the area,” Chanda stated, including, “we’re additionally onboarding numerous early adopters within the U.S. and North American markets.”
The Hyderabad-based startup avoided revealing any of its purchasers.
“We’re at an implementation stage,” the manager stated. “It’s deployed for a smaller sub-department in a big e-commerce firm. Until and till we go reside full bang, we — each events — usually are not very snug in disclosing,” he stated.
Anirvan Chowdhury, vice chairman at Blume Ventures, informed DailyTech that Apple’s acquisition of Buddhavarapu’s startup performed a vital position within the enterprise fund’s funding determination in Bluecopa.
“The GTM and enterprise mannequin was the most important issue,” Chowdhury stated. “However the truth that somebody has constructed a product, which was Tuplejump that Satya constructed, was primarily a product that would have competed with Snowflake. And the highest software program firm on the planet has seen sufficient worth that that is the product I wish to purchase… that’s an enormous validation.”
Particulars on valuation weren’t introduced, although Chowdhury informed DailyTech that it’s “upwards of $10 million.”
“This can be a hair-on-fire downside, significantly in excessive transaction quantity industries reminiscent of e-commerce, logistics, monetary providers and so on. Fixing these elements can enhance gross sales by 20% and profitability by 30%,” stated Buddhavarapu, in a ready assertion.
The startup has a workforce of 17 folks. With the brand new funding, it’s planning to rent extra expertise and develop its shopper base — alongside enhancing the platform.