Fyle, a startup which provides expense management software has bagged $4.5 million (approx INR 31 crore) from Steadview Capital, Tiger Global, Freshworks, and Pravega Ventures, cited Mint.
Bengaluru-based Fyle will use the infused funds to invest in product innovation and expand its global market footprint with additional sales and marketing investments.
“We’ve created a customer-first culture and with this additional financial backing, we’ll be able to continue to execute on product innovation to deliver a truly automated process for expense management, saving precious time for employees and ensure continuous compliance for the company,” said Yash Madhusudhan, co-founder and CEO of Fyle.
Fyle was founded by Yashwanth Madhusudan and Siva Narayanan in 2016. The startup provides an expense management platform for business to help them track employee expenses, using machine learning powered data extraction technology.
The platform is integrated with GSuite and Outlook and mobile apps and it extracts data within receipts automatically, eliminating the need for any kind of manual data entry.
Fyle is also launching new first-of-its-kind WhatsApp integration to enable users to text an expense via WhatsApp and automatically create an expense entry.