Happay, a Bangalore based expense management startup has announced that it has secured around ₹65 crore in its Series B funding round from a bunch of investors.
The investors, who participated in this funding round include Sequoia Capital, Axiom Asia and AME Cloud Ventures. The company’s valuation after the Series B round is around $53 to $55 million.
In the documents filed with the Registrar of Companies, the company revealed that it has allotted Series-B preferential shares to 5 investors at a premium of ₹1.03 lakh per share.
According to the filing, Sequoia Capital has put in ₹38.5 crore, while Singapore-based PE fund Axiom Asia has invested ₹25.7 crore. Yahoo co-foudner Jerry Yang-led VC firm AME Cloud has made an investment of ₹35 lakh.
With this funding round, the overall shareholding in VA Tech Ventures — the company that owns and operates Happay, stands at 32.4% with Sequoia and with Prime Venture Partners, one of the early stage investors, around 26% and 30% will be with the 2 promoters, Varun Rathi and Anshul Rai.
Founded in 2012, the company started operations as a mobile wallet allowing peer-to-peer transactions and subsequently an expense management app was offered to the customers. Later, it changed business model and pivoted to enterprise-oriented service provider.
The company is offering expense cards which can be used by the employees on behalf of the company and the accountants will find it easy to track the employees’ travel and other expenses on behalf of the company on real time basis and keep updating the records automatically.
Happay’s offering also include petty cash management, expense report automation, prepaid cards for business expenses, travel and expense management, international travel card and a digital marketing expense card.