1 min read.Updated: 20 Apr 2018, 05:04 AM ISTSalman S.H.
The new funding round also saw participation from Girish Mathrubootham-led Freshworks, also one of Fyle's enterprise clients
Bengaluru: Bengaluru-based Fyle, which provides expense management software for enterprises, has raised an undisclosed amount in funding from existing investors Pravega Ventures and Beenext, a Singapore-based venture capital firm.
The new round also saw participation from Girish Mathrubootham-led Freshworks, also one of Fyle’s enterprise clients.
The company will use the funding to expand its sales and marketing efforts and for research and development. Fyle allows employees to track and manage their travel, insurance, local conveyance, medical expenses and other company-related expenses.
It also has integration with Microsoft Outlook and GSuite, using which employees can file any expense with a single click without any manual data entry.
“When an employee books a flight ticket, for example, our data extraction engine extracts all of the data in the invoice including details like ticket amount, class of travel, and timings, among others," said Yashwanth Madhusudan, chief executive of Fyle, in a phone interview.
Madhusudan added that Fyle’s extraction engine automatically pulls required information as per company policy and files it in real time with the human resource system.
This saves a lot of time for employees who otherwise might have to spend time consolidating past expenses and trips.
The company was founded in 2016 by Madhusudan and Sivaramakrishnan Narayanan.
Fyle is headquartered in India and also operates a US subsidiary.
Madhusudan told Mint it has more than 100 enterprise clients in the US and that a part of the current funding will also be used for expansion in the US.
Fyle’s enterprise clients include names like Capillary Technologies, Hero MotoCorp, Proptiger, and Zivame. Overall, it claims to have more than 45,000 customers using its software. The company is also piloting its product with private banks, said Madhusudan.
Mathrubootham said that the investment was the result of what he saw as clear synergies between Fyle and what Freshworks itself was trying to do. “Our products are designed and built as experiences that will make life easier for our customers. Fyle is attempting to do the same in expense management, and we also have been using them for a while. They have a solid team with a great product aimed at a market that can use some disruption," he added.