B2B Fintech startup Numberz to raise $3 Mn from Sequoia Capital

Gurugram-based Fintech startup Numberz, a cash flow management firm that offers invoice and expense management solutions is in talks to raise $3 million from Sequoia Capital reported ET.

Numberz (Paradime Technologies Pvt. Ltd) was founded in July 2015 by Aditya Tulsian, Baskar Ganapathy and Rajeev Chari. The startup helps small and medium enterprises (SMEs) to manage their cash flow better including services like invoice management and expense management.

Tulsian, a former Intuit India employee, is an Indian School of Business graduate. Ganapathy, who has worked with AT&T and Intuit India, is an engineer turned MBA. Chari, who has work experience across FMCG and automobile industry is also an alumnus of Indian School of Business. Previously, he worked with Coca-Cola and Ford.

In November 2016 the company was in the news for raising seed funding of $650,000 from investors Kae Capital and Khosla Impact.

Numberz was also recently selected to be part of Yes Bank’s accelerator programme. Numberz along with Redcarpetup, Anytime Loans, FRS Labs and Rupeeseed will be playing active role and serve as support system for Yes Bank.

Also read:Yes Bank partners with Fintech startups to offer loans to students

The startup will be creating a unified dashboard to integrate day-to-day banking within core business workflows for simplifying tasks like tracking expenses, managing payrolls, syncing data, making payments, etc, for small businesses.

As per company claims, all the customers' data is backed up in cloud, so even if you lose anything, you can always restore it. A backup is taken every 24 hours. Company’s servers protect your data from unauthorized access. There are multiple levels of security checks and encryption is done to make your data safe.

The Numberz team is also offering GST-based solutions, which can enable access to clients' supply chain and the GSTN portal through the platform.

The first quarter of the financial year 2017 proves to be over funding for fintech start-ups and it seems the process will continue with the interest of VC’s to fund in the same space.

In recent funding of fintech start-ups we have a long list to note down. Billionloans raised $1 million as a seed funding from Reliance Capital’s arm- Reliance Corporate Advisory Services Ltd while Kissht raised $2 million from early stage investors Endiya Partners and Ventureast.

Last month online loan app, MoneyTap raised $9 million in series A led by Sequoia India. Fintech startup Early Salary raised $4 million from IDG Ventures India and others. Mumbai-based LaonTap secured $4 million from Kae Capital and others, to name a few.

Image credit: Numberz