Lightspeed leads $20 Mn round in SaaS management startup Zluri

SaaS firm Zluri has scooped up $20 million in a Series B round led by Lightspeed, with participation from existing investors, MassMutual Ventures, Endiya Partners and Kalaari Capital.

With the latest funding round, the SaaS firm has raised a total of $32 million in venture funding since 2020. This also includes a $10 million Series A round in January last year.

The fresh proceeds will enable Zluri to double down on AI to transform identity governance and drive SaaS management for enterprises, the company said in a release. The company will also expand its presence further into North America, and Europe.

Founded in 2020 by Ritish Puttaparthi, Sethu Meenakshisundaram and Chaithanya Yembari, Zluri is an enterprise SaaS management platform for IT teams that helps manage, optimize, and automate their SaaS applications from a dashboard.

Zluri currently works with over 250 customers globally, including Monday.com, Tipalti, Whoop, Catapult Sports, Razorpay, Smartnews, Amagi, Daxko, et al.

Since January 2022, Zluri claims to have doubled its headcount and evolved into a multi-product company for enterprises and mid-market companies.

The company competes with Bettercloud, Torii, Omada, and Zylo.

Zluri remained in the pre-revenue stage during FY21. It recorded Rs 5.83 lakh in income from operations in FY22. Importantly, its interest income during the year was registered at Rs 29.57 lakh, five fold more than actual operating revenue.

As per the company's financial statement with the RoC, it booked a loss of Rs 12.32 crore in FY22. While the company is yet to file its FY23 financials, it is expecting to grow by 5X in FY23.