Mumbai-based fintech startup Fundly.ai on Sunday said that it has raised USD 3 million in a seed funding round, led by Accel. Multiply Ventures and other angel investors also participated in the round.
The pharma supply chain startup that serves retailers and distributors also helps them manage their cash flows and boost their profits. According to media reports, the company, which is now active in southern and western Indian markets, intends to focus on growth in its existing regions.
Fundly.ai, founded by Chawla and Shreeram Ramanathan, operates in nine Indian locations and has been bootstrapped since 2021. During the years 2018 and 2019, the pair worked at InCred.
By disbursing money totaling Rs 140 crore (USD 17.1 million), the firm has served over 2,000 shops and more than 30 distributors across nine cities. The company gets roughly 55 per cent of its business from Tamil Nadu, 30 per cent to 35 per cent from Maharashtra, and the rest from Andhra Pradesh.
In a statement, Fundly.ai said that it plans to deepen its engagement with existing customers, expansion into new geographies, building technology and working on newer product offerings.