ZenStatement will use the funds raised to widen its basket of products and towards expansion of sales and marketing operations
ZenStatement, an AI-powered finance automation and cashflow management platform, raised $1.62 million in seed round funding on October 9. The company plans to use the proceeds from funding to increase its product offerings and towards expanding its presence in India and global markets. Additionally, it will use the finance to boost its sales and marketing operations.
The seed funding was led by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels. The start-up is backed by Michael Boyd, Chetan Venugopal, Ankit Nagori, Kulin Shah, Ankit Fatehpuria, Sujayath and Navaneeth.
ZenStatement was founded in 2023 by Sourabh Nolkha and Ankit Narsaria. ZenStatement formerly known as SimpliFin, is an AI-powered financial analytics and cash flow management solution designed for enterprises with high transaction volumes. It helps businesses to monitor, optimise, reconcile and forecast cash flows while providing financial insights through AI-driven natural language queries.
“Our focus is on delivering a user-friendly platform that truly meets the needs of finance teams. With our AI-powered features, we’re making it easier for businesses to automate financial processes, gain real-time insights, and make informed decisions,” said Ankit Narsaria in a statement. He is a co-founder and chief product officer of ZenStatement.
In a year’s time, ZenStatement claims to have formed a customer base that comprises of unicorns and leading companies in the e-commerce space, retail, and fintech sectors, handling nearly 10 million transactions on a day-to-day basis.
“We have seen great traction so far in India and there are early offshoots in other developed markets. We are looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals,” said Sourabh Nolkha, CEO and co-founder of ZenStatement.
However, the overall funding scenario for Indian AI start-ups have dimmed primarily due to geopolitical tensions. According to Tracxn data, the funding during the April-June quarter has declined nearly 91 per cent to $8.2 million. AI-based start-ups in India are still mushrooming as they account for only 0.3 per cent of the overall tech startup funding.