Expense management platform Fyle has raised $4.5 million in a funding round led by US-based hedge fund Steadview Capital. Returning investors in the round include Tiger Global Management, Freshworks and Pravega Ventures. The stage of investment was not specified.
The latest infusion takes the total capital raised by the Bengaluru based startup to $10.5 million, according to a statement.
Fyle last raised a $4.2 million Series A round from US-based alternative investments firm Tiger Global, venture capital firms Beenext and Pravega Ventures and SaaS company Freshworks. In May this year, the startup raised an additional $150,000 as an extension of the Series A round.
The startup will use the capital raised in the latest round to invest in product innovation and expand its global market footprint with additional sales and marketing investments.
“We are aggressively expanding our market presence in the US and UK to meet customer demand,” Yash Madhusudhan, CEOand co-founder, Fyle, said.
Founded in 2016 by Madhusudhan and Sivaramakrishnan Narayanan, Fyle is used by over 300 companies in the US, India, Singapore, Europe, and the UK.
The platform automates expense management tasks through a cloud-based platform, which can be operated on mobile and desktop. Fyle, which is integrated with Google’s G Suite apps and Microsoft Office 365, has now become more user-friendly as it allows to text an expense through WhatsApp and automatically creates an expense entry.
Although Steadview is a first-time investor in Fyle, it has investments in prominent Indian startups such as Flipkart, Dream11 and Ola Cabs.
On Thursday, a Steadview-led consortium invested $28 million in dental healthcare digital startup CareStack. In August, it participated in a $14 million funding round in cloud billing platform Chargebee and invested $20 million in Hyderabad-based Zenoti, a provider of software solutions to the beauty and wellness industry.