Expense management startup raises funds

Posted on December 7, 2017

Happay is an expense management startup for corporates based in Bengaluru. The startup announced yesterday (06/12/2017) that it has raised US $10 million (Rs. 65.13 crores) in Series B round of funding from the VC firm, Sequoia Capital. The Singapore-based VC firm, Axiom Capital and the VC firm, AME Cloud Ventures are also reported to have participated in that round of funding and contributed a total of US $4.02 million together. With this investment, the startup is expected to be valued at US $55 million. Prior to this round of funding, Happay, raised US $7.2 million in Series A round of funding during July 2015 from Sequoia Capital and Prime Venture Partners and prior to that it raised US $500,000 (Rs. 3.1 crores) in Pre Series round of funding from Prime Venture Partners during December 2013. Read more on Investments

Sequoia Capital has a stake of 32.4% in the startup by means of its equity investments, Prime Venture Partners has about 26% stake in the startup, Axiom Capital has 9.6% stake in the startup and AME Cloud Ventures has 2% stake in the startup. The rest (30%) is owned by the startup’s founders, Rai and Rathi, who are both IIT Kharagpur alumni. The startup was incubated at the technology startup incubator, TLabs, which is run by Times Internet Limited.

Happay employs a cloud-based software platform which helps employees track their (their company’s) business expenses. Employees can update their business expenses online from any device that can connect to the internet/cloud platform thus eliminating the need to use paper and actual money notes. The startup’s business expense management solutions include petty cash management, expense report automation, prepaid cards for business expenses, travel expense management, international travel card and a digital marketing expense card. By means of the startup’s expense management solutions, corporates can track their business expenses on a real-time basis.

The other wealth management startups to get funded this year (2017) include the wealth management startup, Fisdom, which secured Rs. 25 crores in Series B round of funding from the Quona Capital during November, this year (2017). The wealth management startup, Billionloans Financial Services Pvt. Ltd., secured Rs. 7 crores in Series A round of funding from Reliance Corporate Advisory Services during July, this year. The fintech startup, CashRich, secured an undisclosed amount of seed funding from a clutch of angel investors based in the UK during January, this year (2017) just to name a few. Read more on Startup News