Tiger Global-backed expense manager Fyle raises extended Series A funding
Expense manager Fyle has raised Rs 1.04 crore ($150,000 at current exchange rate) from investors including Bharati Balakrishnan, senior director at Alibaba Group and Kedar Gavane, vice-president at comScore, showed the firm’s filings with the Registrar of Companies (RoC). Others include Ambrish Tyagi, principal scientist at Amazon Lab in San Francisco, and previous investor Freshworks Inc. (formerly Freshdesk), which is a US business software provider.
The current round is an extension of the Series A round in February, when startup Fyle raised $4.2 million led by US hedge fund Tiger Global Management and joined by previous investors Pravega Ventures, Beenext, and Freshworks. According to the RoC filings, Fyle intends to raise Rs 30.4 crore in the Series A round.
The platform, owned by Fyle Technologies Pvt. Ltd, was founded in 2016 by Sivaramakrishnan Narayanan and Yashwanth Madhusudan. Fyle provides employees with a single platform to file expenses through a plug-in that extracts and classifies data from bills inside emails and paper receipts. The plugin also creates structured data from PDFs, emails and other documents. Fyle's algorithm also checks every transaction against company policy across the entire database to ensure no fraud or duplication.
Fyle will use the capital from the round for marketing expansion in the US and investment in product development.
Losses filed by the company widened for the financial year 2017-18 at Rs 1.7 crore from Rs 0.94 crore a year earlier.