Zluri, a startup that helps mid-sized companies manage their software-as-a-service applications, has raised $2 million (Rs 14.6 crore) in a seed funding round.
California-based Zluri has raised this capital from Endiya Partners and Kalaari Capital, it said in a statement.
The startup will use the funds it has raised to expand sales, engineering and marketing operations, as well as build out integrations and no-code workflow automations for SaaS applications.
The firm was set up last year by Sethu Meenakshisundaram, Ritish Reddy, and Chaithanya Yambari. The company says its platform deploys solutions that help companies of all sizes manage their SaaS stack subscriptions.
“The founders of Zluri come with complementary skills and deep experience in SaaS businesses. With global expenditure on SaaS applications exceeding $100 billion, we believe SaaS operations management will be a very large opportunity,” Kalaari managing director Vani Kola said.
Investors
The investment in Zluri marks Kalaari’s first bet from its new fund. Kalaari has been operational since 2011 and, according to its LinkedIn page, manages $650 million in funds.
It has bet across a variety of sectors including consumer internet, healthcare, enterprise software and services, and financial technology.
Some of the companies in its portfolio include Dream11, CashKaro.com, Instamojo, and Oxfordcaps.
Earlier this week, Kalaari was among the investors that sold their stakes in SaaS-based Unilog to global alternative assets manager Investcorp.
Endiya Partners was set up in 2015 by Sateesh Andra and Ramesh Byrapaneni.
Earlier this month, the firm marked the final close of its second fund by meeting its corpus target of Rs 500 crore (around $70 million).
This new vehicle will focus on business-to-business startups in the technology and healthcare sectors, and will make some bets in the consumer segment.
The second fund had received capital from India-Japan fund of funds Nippon India Digital Innovation AIF Fund last year.
Companies in Endiya Partners’ portfolio include deep-tech startups Myelin Foundry and Steradian Semiconductors and electric mobility firm Cell Propulsion.