Fintech startup Fundly.ai raised $3 million from ACCEL in a seed investment round for AI. The financing round included participation from Multiply Ventures and other angel investors.
The business, founded in 2021 by Amit Chawla and Shreeram Ramanathan, says it provides distributors and retailers with tools for better cash flow management.
The startup, which provides its services in nine cities, is present in the western and southern regions of the nation, according to a report by the Economic Times (ET). It has stated that it supports more than 30 distributors and 2,000 merchants. It has also paid out 140 crore rupees in funds.
According to the ET article, Andhra Pradesh accounts for the remaining 55% of the company’s revenue, followed by Maharashtra at 30% and Tamil Nadu at 35%.
When asked about the money, Chawla responded, “With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more effective and efficient pharma supply chain to an even larger demographic”.
With their extensive lending experience, Amit and Shree bring a wealth of knowledge. They have been able to pinpoint openings and weaknesses in the pharmaceutical supply chain by drawing on their experience, said Accel investor Sarthak Singh.