Expense management startup Fyle has secured an undisclosed amount of funding led by existing investors Pravega Ventures and Beenext with participation from Girish Mathrubootham-led Freshworks.
The Bengaluru-headquartered company plans to deploy the proceeds towards expanding its sales and marketing as well as for research and development, reports Mint.
Fyle was floated in 2016 by Yashwanth Madhusudan and Sivaramakrishnan Narayanan. It is an expense management solution for enterprises and individuals. The startup’s one-click expense report signals the end of expense forms and templates, making it easy for individuals, businesses, and non-profits to keep track of their expenses.
It has partnered with Microsoft and has run joint campaigns. Fyle integrates with the enterprise system smoothly and users can receive relevant data and information on their Outlook (Microsoft’s product) page instantly.
The company also operates a US subsidiary which it launched in 2016 and has expanded its footprint to Netherlands and Singapore.
The SaaS-based startup has already signed up with 100 enterprise customers including Capillary Technologies, Belong Technologies, Hero MotoCorp, and Zivame, among several others. The company claims to have more than 45,000 customers using its software and it is also piloting its product with private banks.
Last year, Fyle raised seed round led by Pravega Ventures and BeeNext. Prominent angel investors in the early stage, including Phanindra Sama (former CEO of Redbus), Joydeep Sen (Founder and CTO, Qubole) and Richa Kar (Founder of Zivame) also participated in the round.
Other startups similar to Fyle are Happay, Xpenditure, Numberz and Certify, to name a few.
Incorporated in 2016 by Mukul Singhal and Rohit Jain, Pravega Ventures provides seed and pre-series A stage capital to startups. Besides, Fyle, it currently has a portfolio of eight startups including Crofarm, Workex, Shubh Loans, Grey Atoms among four others.