bluecopaan Indian startup building a financial operations automation platform for large corporations has raised $2.3 million to expand its offering in the global market.
The seed funding round was led by Blume Ventures, headquartered in Mumbai, with participation from Titan Capital, T-Fund, Special Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.
It was also joined by Chargebee founders Krish Subramanian and Rajaraman Santhanam, Rohit Chennamaneni of HR management platform Darwinbox and Asad Khan and Jay Singh of cross-browser testing tool LambdaTest.
“To take an analogy, say Salesforce for sales, Marketo for marketing, GitHub for developers, there’s a lot of white space in the financial space,” said Nilotpal Chanda, co-founder and chief business officer of Bluecopa, in an interview. with londonbusinessblog.com .
Bluecopa was founded in 2021 by Chanda and his fellow entrepreneurial teammates Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio previously worked together at tax management platform Optotax, which was acquired by neobanking platform Open in February last year. Tuplejump, another startup Buddhavarapu founded, was acquired by Apple in 2016.
Unlike a traditional platform that requires specific expertise to operate, Bluecopa’s offering is touted to operate without any special knowledge requirements. It also claims to work with all existing SaaS tools, as well as Excel, Google Sheets, and all other platforms that finance teams use.
“It’s a layer that connects to all these tools in the organization, retrieves, cleans, consolidates, normalizes data, and then delivers all that information in a very human consumption format,” Chanda explains.
The tool provides an Excel-like interface that financial experts can easily use to understand their companies’ accounts, he said. “Essentially, the tools available today are not very user-friendly. It also takes a lot of time to implement them,” he says.
Anaplan and Google Ventures-backed Vareto are among some of Bluecopa’s competitors. However, Chanda told londonbusinessblog.com that the gestation period with his platform is much shorter, as it only takes four to six weeks to get it up and running with an organization. The solution also claims to have a cost advantage over other similar platforms available in the market.
“If you look at the construction versus purchase ratio, the TCO [total cost of ownership] is much, much lower — nearly 85 to 90% cost savings,” Chanda said.
bluecopa focuses its platform on high-trade, high-volume businesses, including e-commerce businesses. “We’re already in talks with very large, key logos in the region,” Chanda said, adding, “we’re also hiring a lot of early adopters in the US and North American markets.”
The Hyderabad-based startup has refrained from disclosing its clients.
“We are in an implementation phase,” says the director. “It is being used for a smaller subdepartment in a large e-commerce company. Unless and until we go fully live, we — both parties — aren’t very comfortable with revealing,” he said.
Anirvan Chowdhury, vice president at Blume Ventures, told londonbusinessblog.com that Apple’s acquisition of Buddhavarapu’s startup played a vital role in the venture fund’s investment decision in Bluecopa.
“The GTM and business model were the biggest factor,” Chowdhury said. “But the fact that someone built a product, Tuplejump that Satya built, was essentially a product that could have competed with Snowflake. And the best software company in the world has seen enough value that this is the product I want to buy. … that’s a huge validation.”
Details of the valuation have not been disclosed, although Chowdhury told londonbusinessblog.com it is “more than $10 million”.
“This is a tricky problem, especially in high transaction volume sectors such as e-commerce, logistics, financial services etc. By solving these aspects, sales can increase by 20% and profitability by 30%,” said Buddhavarapu in a statement. prepared statement.
The startup has a team of 17 people. With the new investment, it plans to hire additional talent and expand its customer base – in addition to improving the platform.