[Funding news] Rainmatter Capital invests Rs 10 Cr in ERPNext
Bengaluru-based Zerodha's fintech fund and incubator Rainmatter has invested Rs 10 crore in ERPNext, the Free and Open Source (FOSS) project out of India, and one of the biggest FOSS ERP (Enterprise Resource Planning) system in the world.
According to a press statement shared by Rainmatter, the teams at Zerodha and ERPNext also created FOSS United, a non-profit foundation to promote and encourage innovative FOSS projects like ERPNext to be built in India.
Founded 10 years ago, ERPNext was developed as a system to help Rushabh Mehta, its Founder and CEO, to manage his family business. The platform has since been bootstrapped. As per the press statement, the team of technologists and FOSS developers are looking to expand to non-tech arenas such as sales and consulting to cater to the growing list of enterprises and B2B customers.
The platform is a customisable ERP solution that has several modules — from inventory management, payroll, sales and support CRM, to HR and employee wellness. ERPNext is built on top of the Frappe Python framework which allows one to customise and build complex workflows and business applications.
Rushabh Mehta, Founder and CEO, ERPNext said in the press statement, "We are delighted with the support we have received from Rainmatter Capital and Zerodha. This is a strong signal of the arrival of ERPNext as an alternative to the large, expensive and proprietary ERP products. ERPNext is powerful, scalable, and 100 percent Open Source and with the investment we will continue investing in the product and the community."
He added, "We believe this can transform the global landscape of enterprise software. Our collaboration with Zerodha extends beyond ERPNext and through FOSS United, we are committed to support FOSS projects and community in India. The world needs a lot more Free and Open Source software and we are aligned to position India as an impactful contributor on the global Open Source map”
The platform is offered as a hosted cloud solution for businesses with competitive prices, and for those with the technological capacity, it is available as a truly free and open-source system (GPL licensed) to adapt, install, and self-manage.
Kailash Nadh, Chief Technology Officer, Rainmatter and Zerodha, added “ERPNext has played a significant role in helping us rapidly build and scale the Zerodha technology stack into the largest stock broking platform in India. We are very happy to be able to support ERPNext, the best FOSS project out of India, and also make this investment into the FOSS ecosystem here, a rare event in itself.”