Tiger Global leads Rs 30 Cr Series A round in Fyle

Expense management startup Fyle has scooped up Rs 30 crore in its Series A round led by Tiger Global. The Bengaluru-based startup also saw the participation of existing investors - Pravega Ventures and Beenext in this round.

Pravega, Beenext along with Girish Mathrubootham-led Freshworks had participated in $1.1 million round in Fyle in April last year.

According to the company's regulatory filing with MCA accessed by Entrackr (hat tip: paper.vc),  it issued  6,260 Series A CCCPS at a price of Rs 46,499 each to raise the fresh proceeds.

Tiger Global, investing via Internet Fund III Pte Limited alone purchased 5,045 shares at the total cost of Rs 23.46 crore.

The development comes two months after media reports suggested the comeback of Tiger Global in India with funding in Fyle along with facilities management software maker Facilio.

The investment also marked Tiger Global's third bet on Indian startup after a gap of three years and raising $3.75 billion worth 11th fund.

Founded in 2016 by Yashwanth Madhusudan and Sivaramakrishnan Narayanan, Fyle provides an easy solution for individuals, businesses, and non-profits to keep track of their expenses.

The startup integrates with the enterprise system smoothly and users can receive relevant data and information on Microsoft's Outlook page instantly.

The company also operates a US subsidiary which it launched in 2016 and has expanded its footprint to Netherlands and Singapore.

Happay, Xpenditure, Numberz, and Certify are in competition with Fyle.

For the financial year ending on March 31, 2018, Fyle reported a revenue of Rs 47.84 lakh whereas its losses rose to Rs 12.75 crore. Meanwhile, its expenses stood at Rs 21.96 crore.