ERPNext, a free and an open source enterprise resource planning (ERP) platform, has raised funding from fintech fund and incubator Rainmatter Capital.
Rainmatter, which is backed by trading platform Zerodha, said in a statement that it has invested Rs 10 crore ($1.35 million) in ERPNext.
ERPNext, which is operated by Frappe Technologies Pvt Ltd, will use the funds to strengthen its product.
The company was founded by Rushabh Mehta in 2008 as a system to help manage his family’s business. It says it has grown into a product that is highly customisable and contains various modules for inventory management, payroll, sales and support CRM, ticketing, human resources and employee wellness. The company has more than 5,000 customers including Zerodha, according to its website.
Mehta said that the investment from Rainmatter is a strong signal of the arrival of ERPNext as an alternative to the large, expensive and proprietary ERP products.
Kailash Nadh, chief technology officer, Rainmatter, and Zerodha, said that ERPNext has played a significant role in helping rapidly build and scale the Zerodha technology stack.
Investor
This is Rainmatter’s latest bet on a startup. The incubation platform-cum-fund says it provides capital and workspaces to companies that it backs.
In September, Rainmatter led an angel funding in child-focussed learning firm QShala.
In August, Rainmatter, along with other investors, bet on Terra.do Inc., which operates an online climate school.
Its other investments include fitness-focussed live-streaming platform ImStrong, options trading platform Sensibull and digital learning platform LearnApp.