Apple’s financial operations startup alum raises funds to expand globally – TechCrunch
Bluecopa, an Indian startup building a financial operations automation platform for high-volume enterprises, has raised $2.3 million to expand its offering in the global market.
The seed funding round was led by Mumbai-headquartered Blume Ventures, with participation from Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.
He was also joined by Chargebee founders Krish Subramanian and Rajaraman Santhanam, Rohit Chennamaneni 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 lot of 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 fellow entrepreneurs Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio previously worked together 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.
Unlike a traditional platform that requires specific expertise to operate, Bluecopa’s offering is meant to work without special knowledge requirements. It also claims to work with all existing SaaS tools as well as Excel, Google Sheets and all other platforms used by finance teams.
“It’s a layer that connects to all of these tools in the organization, fetches data, cleanses, consolidates, normalizes, and then delivers all of that information in a very human consumable format,” Chanda explained.
The tool offers an Excel-like interface that financial experts can easily use to understand their companies’ accounts, he said. “Fundamentally, the tools available today are not very user-friendly. It also takes a long time to implement them,” he said.
Anaplan and Google Ventures-backed Vareto are among Bluecopa’s competitors. However, Chanda told TechCrunch that the gestation period with his platform is much shorter as it only takes four to six weeks to deploy in an organization. The solution also claims to have a cost advantage over other similar platforms available in the market.
“If you look at the proportion of build versus buy, the TCO [total cost of ownership] is much, much lower – almost 85-90% savings,” Chanda said.
Bluecopa targets its platform at high transaction and high volume businesses, including e-commerce businesses. “We’re already talking about some really 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 refrained from revealing any of its clients.
“We are at an implementation stage,” the executive said. “It is deployed for a small sub-department of a large e-commerce company. Unless and until we live at full throttle, we – both parties – are not very comfortable disclosing,” he said.
Anirvan Chowdhury, vice president of Blume Ventures, told TechCrunch that Apple’s acquisition of startup Buddhavarapu played a key role in the venture capital fund’s decision to invest in Bluecopa.
“The GTM and the business model was the biggest factor,” Chowdhury said. “But the fact that somebody built a product, which was Tuplejump that Satya built, was basically a product that could have competed with Snowflake. And the biggest software company in the world has seen enough value that this is the product I want to get…it’s a huge validation.
Details on the valuation were not announced, although Chowdhury told TechCrunch it was “over $10 million”.
“This is a hair-raising issue, especially in high transaction volume industries such as e-commerce, logistics, financial services, etc. Addressing these aspects can increase sales of 20% and profitability 30%,” Buddhavarapu said in a statement. Affirmation prepared.
The startup has a team of 17 people. With the new investment, it plans to hire additional talent and expand its consumer base, while improving the platform.