Apple Alum Finance Operations Startup Raises Funds to Expand Globally – TechCrunch

bluecupAn Indian startup building a financial trading automation platform for high-volume businesses has raised $2.3 million to expand its offering in the global market.

The seed funding round was led by Mumbai-based Blume Ventures with participation from Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.

Also joining were Chargebee founders Krish Subramanian and Rajaraman Santhanam, Rohit Chennamanni from human resource management platform Darwinbox, and Asad Khan and Jay Singh from cross-browser testing tool LambdaTest.

“Just to take an analogy, let’s say Salesforce for sales, Marketo for marketing, GitHub for developers, there’s a huge white space in the financial space,” said Nilotpal Chanda, co-founder and chief commercial officer of Bluecopa, in an interview with TechCrunch. .

Bluecopa was founded in 2021 by Chanda and his entrepreneurial teammates Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio previously worked on tax management platform Optotax, which was acquired by neo-banking platform Open in February last year. Tuplejump, another startup founded by Buddhavarapu, was acquired by apple in 2016.

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Bluecopa co-founders Raghavendra Reddy, Satya Prakash Buddhavarapu and Nilotpal Chanda (from left to right). Image credits: bluecup

Unlike a traditional platform that requires specific experience to operate, Bluecopa’s offering is promoted to work with no special knowledge requirements. It also claims that it works with all existing SaaS tools, as well as Excel, Google Sheets, and all other platforms used by finance teams.

“It’s a layer that plugs into all these tools in the organization, pulls in data, cleanses, consolidates, normalizes, and then provides all of that information in a very human, consumable format,” Chanda explained.

The tool offers an Excel-like interface that finance experts can easily use to understand their company accounts, he said. “Fundamentally, the tools available today are not very easy to use. It also takes a long time to implement them,” she said.

Anaplan and Vareto, backed by Google Ventures, are among some of Bluecopa’s competitors. However, Chanda told TechCrunch that the gestation period with his platform is much shorter, taking only four to six weeks to deploy to an organization. The solution also claims to have a cost advantage over other similar platforms available on the market.

“If you look at the build versus buy ratio, the TCO [total cost of ownership] it is much, much lower: almost 85 to 90% cost savings,” said Chanda.

bluecup is targeting its platform at high-volume, high-transaction businesses, including e-commerce businesses. “We’re already talking about very big key logos in the region,” Chanda said, adding, “We’re also onboarding a lot of early adopters in the US and North American markets.”

The Hyderabad-based startup has refrained from disclosing any of its clients.

“We are in an implementation stage,” said the executive. “It’s implemented for a smaller sub-department in a large e-commerce company. Unless and until we go live at full throttle, we, both parties, don’t feel very comfortable disclosing,” he said.

Anirvan Chowdhury, vice president of Blume Ventures, told TechCrunch that Apple’s acquisition of the Buddhavarapu startup played an essential role in the venture fund’s decision to invest in Bluecopa.

“The business model and GTM was the biggest factor,” Chowdhury said. “But the fact that someone created a product, which was Tuplejump that Satya built, was essentially a product that could have competed with Snowflake. And the world’s leading software company has seen enough value that this is the product I want to buy…that’s a huge validation.”

No details on the valuation were announced, although Chowdhury told TechCrunch that it is “more than $10 million.”

“This is a tricky problem, particularly in high-volume industries like e-commerce, logistics, financial services, etc. Solving these issues can increase sales by 20% and profitability by 30%,” Buddhavarapu said in a statement. prepared statement.

The startup has a team of 17 people. With the new investment, it plans to hire additional talent and grow its consumer base, as well as improve the platform.

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