Spend management software Spendflo, which helps enterprises evaluate, negotiate and track renewals for 150+ SaaS tools, has raised $11 million in a Series A r0und led by Accel India and Prosus Ventures. This comes within a year of its $4.4 million seed round which was led by Accel India and Together Fund, with participation from BoldCap and Signal Peak Ventures.
The Chennai-based start-up’s total fundraise now stands at $15.4 million from investors. “This [Series A] round allows the company to fuel product growth and accelerate global expansion with a strong focus on furthering growth in the North American market,” Spendflo said in a statement.
Spendflo, which makes the SaaS buying cycle faster, cheaper and more efficient, claims to have grown 30 per cent month-on-month since the start of 2022, multiplying its revenue by 15x. Its customer base has also expanded 5x. “As cost optimization becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing, and saving on SaaS from one place. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Siddharth Sridharan, Co-Founder and CEO of Spendflo.
Outsourced SaaS procurement and management is emerging as a great area of interest for organizations that are looking to cut down input costs in the current macroeconomic situation. Spendflo offers value added features around information security compliance, cloud cost optimization, and cybersecurity.
Since its last funding round in June 2022, Spendflo has worked with high-growth businesses, including Mindtickle, Airmeet, Hasura, Drip, Curefit, UrbanCompany, 4G Clinical, and Wodify, and reduced their annual expenditure by up to 26 per cent. The platform has also saved 10,000+ work hours and $20 million in costs.
Dinesh Katiyar, Partner at Accel, shared in a statement, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform. Today, they help businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions in both time and money respectively. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”
Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, Spendflo’s ‘Buying Hub] streamlines the SaaS procurement process, while the ‘Management Hub’ provides visibility into SaaS usage and spending, and the ‘Security Hub’ facilitates collaboration and fast-tracks buying cycles.
Ashutosh Sharma, Head of Investments, India at Prosus Ventures, shared, “We’ve tracked Spendflo’s journey since their initial days and are extremely impressed with the team and its pedigree, evolution of product platform and features, and a roster of marquee logos across the globe. We are confident in their ability to become a ‘single source of truth’ for SaaS customers.”
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