Mumbai-based start-up Fundly.ai has raised $3 million in a seed funding round led by Accel. Multiply Ventures and other angel investors also participated in the investment round.
Incorporated in 2021 by Amit Chawla and Shreeram Ramanathan, the company claims to equip retailers and distributors to manage better cash flows.
According to a report by the Economic Times (ET), the start-up is present in the western and southern parts of the country and offers its services in nine cities. It has claimed to serve over 2,000 retailers and more than 30 distributors. Additionally, it has disbursed Rs 140 crore in funds.
The ET report added that nearly 55 per cent of its business comes from Tamil Nadu, 30-35 per cent comes from Maharashtra and the rest comes from Andhra Pradesh.
Addressing the capital infusion, Chawla said, “With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic."
"Amit and Shree bring a wealth of experience from their deep lending background. Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” added Sarthak Singh, the investor at Accel.