Fyle, a startup which provides expense management software, has raised $4.5 million led by US-based hedge fund Steadview Capital following its Series A round in April 2019. Other investors likeTiger Global, Freshworks, and Pravega Ventures also participated in the round.
The startup’s total funding now stands at $10.5 million and it will use the latest fund infusion to invest in product innovation and expand its global market footprint, alongside investing in additional sales and marketing.
The Bengaluru-based startup states that its revenue has grown 5 times over the last five months and its in-house team size has grown three times.
Founded by Yashwanth Madhusudan and Sivaramakrishnan Narayanan (former-colleagues at Qubole) in 2016, Fyle offers an expense management solution for businesses and individuals. Earlier in March 2019, it had raised $4.2 million in its Series A round, led by Tiger Global Management.
Speaking on the investment, Ravi Mehta, MD at Steadview Capital said –
Intelligent and automated systems will empower businesses to be more efficient in the coming decade. We are excited to partner with Fyle to transform one of the core business processes of expense management through intelligence and automation.”
On the other hand, Yash Madhusudhan, CEO and Co-founder, Fyle said-
We’re very excited to bring on Steadview as a financial partner, as we’re aggressively expanding our market presence in the US and UK to meet customer demand. We’ve created a customer-first culture and with this additional financial backing, we’ll be able to continue to execute on product innovation to deliver a truly automated process for expense management, saving precious time for employees and ensure continuous compliance for the company.”
The startup serves small and mid sized enterprises especially ones with multi-country operations and distributed field teams. More than 300 companies in the US, India, Singapore, the EU, and the UK use Fyle currently.
The integrated system enables users to “fyle” an expense within Google G Suite and Microsoft Office 365, enabling automated expense reporting directly from user email inboxes. Email is the default repository for receipts of transportation or any software subscription invoice.
The launch of a new first-of-its-kind WhatsApp integration to enable users to text an expense via WhatsApp and automatically create an expense entry is also going to take place soon, as per a statement by the company.
Tiger Global also invested a series A of $4.2 million in April this year in Fyle, post starting its second innings in India to become the most active investor in software-as-a-service firms lately.