Venture capital fund Beenext has led Rs 30 crore funding round in financial services and consulting startup VERVE Financial Services Pvt Ltd, two persons familiar with the development told VCCircle.
The round also saw participation from Udtara Ventures and other angel investors, among others.
When contacted, a spokesperson of VERVE has confirmed the development. However, both the investors didn’t respond to any queries till filing of this report.
"I am also happy to confirm that in this round, my parents who were the initial investors in the company had exited with stellar returns. They literally bet all their life savings on my venture.
I am happy that I have been able to give them an exit and good returns. This is a key milestone for the company, wherein we have successfully transitioned from a family-owned business to a professionally managed business," said Lionel Charles, Chief Executive Officer, IndiaFilings.com.
“Though we have a decent scale and size already - in this round, we made a conscious decision to accept capital from BeeNext and Udtara which are early-stage investors. With this investment, we are looking to double our revenue, introduce newer products and grow our customer base further,” he added.
The platform, operated under VERVE India brand, was launched in 2007. It is a consulting firm that offers various services such as capital services, financial advisory, corporate tax planning, technology services, among others.
It also operates IndiaFilings.com which helps small businesses and individuals with various services across business registration, tax filing, intellectual property protection, accounting and compliance.
The company utilises homegrown technology to provide regulatory and accounting services at scale. It has a revenue run rate of over Rs 50 crore.
Currently, the firm has over 500 employees, over one lakh paid customers and it has seven offices in Mumbai and Chennai. The company was so far bootstrapped.
Founded in 2015, BEENEXT is a venture capital firm investing in early-stage technology start-ups from India, Southeast Asia, Japan, and the US.
Beenext had prior to this invested in 34 fintech start-ups, according to the company’s website, more than a third of which are Indian-based companies.
In September, FloBiz, a neobank focused on small and mid-size enterprises (SMEs), raised $31 million (Rs 227 crore) as part of its Series B funding round from Beenext in association with Sequoia Capital India Think Investments and Elevation Capital, VCCircle had reported.
Last year, in November, Beenext had also backed ed-tech start-up Early Steps Academy and non-fungible token (NFT) start-up Lysto along with other investors.
Udtara Ventures, on the other hand, invests in innovative and disruptive business models that have high growth potential and a team with the ability and experience to execute their plans.
Udtara is a sector-agnostic fund with a preference towards fin-tech, ed-tech, robotics, gaming, among others, according to its website.
Earlier, Udtara Ventures invested in the healthcare start-up Glamyo Health along with other investors. It has also backed gaming platform RummyBaazi.com.
