[Funding alert] Manch Technologies secures $1.1M pre-Series A round led by Bharat Inclusion Seed Fund
Bengaluru-based, a SaaS-based zero-coding digital transformation platform on Tuesday closed a $ 1.1 million pre-Series A round led by Bharat Inclusion Seed Fund with participation from Pentathlon Ventures.
The 2017-founded startup had raised earlier rounds of funding from lead angel investor Asvini Kumar and his associates. Asvini was the co-founder and CEO of NSE listed Thinksoft Global Services Ltd (now Expleo Solutions Ltd).
According to the official statement, the new funding will be put towards stepping up its growth internationally and product development initiatives.
Manch is also hiring more staff in business development and marketing, and plans to significantly increase investment across marketing, sales, and customer support functions as it gears up to scale.
Suresh Anantpurkar, Founder and CEO, Manch, said,
“The zero-coding, rapid implementation platform by Manch ensures that our clients concentrate on the core business, while we bring in the efficiencies by reducing costs and TAT by facilitating a self-service paperless, contactless environment.
"The platform has been very well received by our customers due to the value they have seen in our offerings. The investment from Bharat Inclusion Seed Fund and Pentathlon Ventures further validates our product vision. We believe their experience as first-generation entrepreneurs and expertise in developing complex scalable solutions, will provide Manch the required guidance and enable access to the market and network.”
Automating business processes
The platform claims to have over 30 customers in India and abroad who use Manch to automate their business processes such as customer, vendor and merchant engagement, contract execution workflows, workforce management, identity verification, fraud control, and lending marketplace.
The API-rich, zero-coding platform helps achieve rapid implementation, enabling a paperless, contactless, cashless business environment.
The platform has been well received by several marquee brands in India, including Dunzo, NetAmbit, Paytm Money, PharmEasy, Swiggy, and Xiaomi. These companies have realised significant cost savings, optimisation in the deployment of their resources, and, in many instances, growth in their topline. Manch has so far processed more than three million transactions.
Commenting on the investment, Saras Agarwal, Principal at Bharat Inclusion Seed Fund, said,
“Partner lifecycle management is an area that is still largely manual, paper-driven and remains a void left by most enterprise applications. Manch offers scalable technology architecture to enable organisations to reduce chaos in dealing with external stakeholders, allowing them to efficiently conduct transactions in a 'cash-less, presence-less, paperless' framework.
"We are really excited to partner with Suresh and team; the no code platform Manch has built allows any organisation to bring in efficiency in various areas of their dealing with the partners, the tool has multiple applications ranging from partner/vendor onboarding, compliance, reconciliation, and fraud minimisation. We are vowed by the list of the marquee clients Manch has been able to attract within a short period of time.”
“Given our own background in B2B technology, Manch is exactly the kind of company Pentathlon would like to partner with. Disruptive technology developed by Manch has improved outcomes for the enterprises, enterprises are using Manch across multiple business units, hence creating stickiness,” said Shashank Deshpande, Managing Partner at Pentathlon Ventures.