Spendflo Inc, a SaaS (software-as-a-service) buying platform, on Tuesday, said it has raised $4.4 million (around 33.8 crore) in a seed funding round led by Accel India and Together Fund.
The company said in a statement that it will use the raised capital to double down on the go-to-market strategy, engineering and talent acquisition.
The round also saw participation from BoldCap and Signal Peak Ventures along with founders and operators from companies like Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify among others.
Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, Spendflo helps companies centralize their SaaS contracts, gain visibility in spending, monitor usage and provide assisted purchasing.
Spendflo counts companies like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify and Yellow.ai as its customers. The company claims in the last six months it has saved 23% of costs for its customers on average.
Sridharan, founder, and chief executive at Spendflo, was an early employee at Volta Charging. He headed the business operations team and handled SaaS procurement and management at Volta. Ramanan who serves as chief revenue officer at Spendflo, led multiple non-linear growth channels at Freshworks, such as the startup program and technology partnerships. Vardhan leads Spendflo's engineering team. Previously, he was the first engineer at tech firm Tone until their acquisition by Attentive.
Spendflo was part of the first Accel Atoms’ cohort, a programme with $250,000 funding to help pre-seed startups with capital, mentorship from experienced entrepreneurs, and community support.
"Pay-by-use SaaS tools have been a boon for companies worldwide. They're all shifting towards vendors that offer these tools. However, this mass exodus to SaaS has created a new challenge. Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, under-utilized tiers, and unused licenses. Spendflo is committed to bringing back spending efficiency without compromising business velocity,” said Dinesh Katiyar, partner, Accel India.
