[Funding alert] Fyle raises $4.2 M funding in a round led by Tiger Global Management
Fyle will be using the funds to expand its sales and marketing teams in the US and invest in R&D.Debolina Biswas
Expense management startup Fyle has raised $4.2 million in Series A round led by Tiger Global Management. Existing investors Pravega Ventures, Beenext, and Freshworks also participated in the round. Fyle is a YourStory Tech30 company.
With this round, the Bengaluru-based SaaS company has raised a total of $5.7 million in over three rounds. The company had raised $1.1 million from Pravega Ventures and Beenext in April, last year. Freshworks, had also participated in that round.
Yashwanth Madhusudhan, CEO and Co-founder of Fyle, said in a press release:
"We are really excited to partner with Tiger Global Management, which has backed some of the most disruptive companies in the world. The funding will help us expand the sales and marketing teams, especially in the US, and also invest in research and development, so we can serve our customers better."
Founded in 2016 by Yashwanth Madhusudan and Sivaramakrishnan Narayanan, former-colleagues at Big data service company Qubole, Fyle offers expense management solution for organisations and individuals.
The company lets its users note their expenses directly from the merchant site, by using its core Intellectual Property (IP) and linking it to third-party applications. It has also built an extensible Application Programming Interface (API), the release said.
Scott Shleifer, Partner, Tiger Global Management said,
"We believe this decade will be shaped by companies who can transform business processes with new technology and provide a differentiated experience."
"Fyle helps its clients solve one of the most common pain points: expense management. We interviewed several Fyle customers who strongly believe their business processes have become more efficient and have seen positive changes in employee satisfaction and productivity. The company has grown rapidly and has many global customers who love the product," Shleifer added.
Users can 'Fyle' their expenses through the web app, mobile application, email extensions and by forwarding the receipts to Fyle directly.
At present, the company claims to have over 75,000 users across 47 countries. Its top clients include One Wind Inc, Solarhome in Singapore, Impraise in Netherlands and the US. Other top clients include 3CX, Lavva, Freshworks, Capillary Technologies, Zivame, PropTiger, Hero Group, Reliance Foundation, Edelweiss Tokio, Teach For India, and Royal Enfield. On a month-on-month basis, 3,000 to 5,000 users sign up with Fyle.
Players like Rydoo, Happay, and Certify have been so far prominent in the market. What makes Fyle stand out is its data extraction feature from third-party platforms, the release stated.