[Funding alert] Subscription management startup Fleek raises $1M in seed round led by Axilor
With this funding, the Bengaluru-based startup plans to strengthen its offerings in India and also launch a beta in other markets.
Bengaluru-based Fleek, a subscription management platform, has raised a seed funding of $1 million led by Axilor. The round also saw participation from RTP Global Ventures, Titan Capital, and 9Unicorns Accelerator. Angel investor Ramakant Sharma and his syndicate also participated in this round.
Founded by Aditya Uttaravalli and Arvind Eashwar, Fleek is a subscription tracking and management platform that aims to streamline the industry by giving the user sole control of all subscription services with ease and simplicity. Aditya and Arvind were part of Swiggy’s strategy team back in 2016 and have experience in setting initiatives from the ground up with some key highlights including Swiggy Pop and Swiggy Super. Aditya is also an alumnus from IIT Madras and IIM Calcutta. Arvind started his career with McKinsey & Company and is a 2x founder.
Aditya Uttaravali, Founder and CEO, Fleek said,
“Through Fleek, we are not only enabling convenience to manage all your subscriptions but also a single place where you can settle subscription related expenses. For eg, if I share my Netflix with two other friends, I can set a recurring stream of payments through Fleek. With this fund raise, we plan to strengthen our offerings in India and also launch a beta in other markets.”
Fleek is currently available on the Google Play store and works on an invite-only model, enabling early access to the platform. The team has completed beta testing of the product and is now extensively available for users to sign-up and join the waitlist.
Arvind Eashwar, Founder and CBO, Fleek added, “Indian users today have 4.8 subscriptions per head, and this number has grown from ~2 subscriptions per head in 2019. There’s been a secular shift across businesses towards the subscription economy; everything ranging from retail to entertainment are offering subscriptions to reduce acquisition cost and improve customer loyalty. This trend will only strengthen and expand to all sectors. To cater to this evolving need, where users have multiple subscriptions. Fleek aims to simplify and build an ecosystem where users get full visibility and control over their subscriptions.”
The startup plans to scale its user base to a six-digit number using this funding round. It also plans to build a strong team across critical functions including tech, marketing and operation, and incremental feature enhancement to refine the user experience.
“Subscriptions have been seeing exponential growth ever since the pandemic set in. Every business, if possible, wants subscription revenues since that gives revenue visibility and predictability. But from a customer perspective, it entails managing payments and identities across multiple places. Fleek would help users seamlessly navigate in a subscription world,” said Adithya Bharadwaj who led the investment at Axilor.
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Edited by Megha Reddy