ZenStatement Secures $1.62 Million in Seed Funding for AI-Powered Finance Automation

ZenStatement Raises Seed Round Led By 3One4 Capital To Launch Finance Automation Products ZenStatement Raises Seed Round Led By 3One4 Capital To Launch Finance Automation Products

Early-stage SaaS investor Boldcap VC, Dynamis Ventures, Atrium Angels and a host of other angel investors have backed ZenStatement in this round Finance management startup ZenStatement has secured $1.62 Mn (around INR 13.4 Cr) in a seed funding round led by Bengaluru-based venture capital firm 3One4 Capital and early-stage SaaS investor Boldcap VC. The round also saw participation from Dynamis Ventures and Atrium Angels. The fresh proceeds will be deployed to expand its product line, acquire new customers in India as well as overseas markets. Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement (called SimpliFin formerly) offers AI-driven financial analytics and cash flow management solutions to enterprises handling high transaction volumes and multiple sales channels. As per its website, the startup is looking to launch payable management and cash flow forecasting products that will help finance teams automate processes. At the moment, it offers a receivable management solution geared towards reconciliation, chargeback management, dispute resolution and more. ZenStatement claims its product can help businesses monitor leaks and optimise cash flows, while also providing financial insights. Besides the institutional backers, ZenStatement has raised funds from angel investors including former Apple treasury head Michael Boyd, Pierian Services' founder Chetan Venugopal, Curefoods founder Ankit Nagori, Onsurity cofounder Kulin Shah, Zetwerk cofounder Ankit Fatehpuria, as well as Shop-up and Voonik cofounders Sujayath Ali and Navaneeth Krishnan. Sonal Saldanha, VP of investments, at 3one4 Capital claimed that ZenStatement is solving a key problem for large enterprises since its solution can help prevent revenue leakages. "Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives, and a great starting point for a product like ZenStatement," she added. The startup's customer base consists of scaled up enterprises, large startups as well as digital commerce and fintech startups. It claims to have processed approximately 10 Mn transactions per month in the first year of inception. With generative AI becoming the focal point for all SaaS and enterprise tech startups, investors are flocking to back startups that are catering to enterprises and large operations. As per Inc42's report on India's generative AI startup landscape, the market for GenAI products and solutions is projected to cross the $17 Bn mark by 2030. In particular, enterprises are leveraging AI solutions to save costs and identify revenue leaks and other gaps in their operations.

Finance automation startup ZenStatement raises $1.6 million in seed funding

Finance automation and cash flow management platform ZenStatement has raised $1.62 million in a funding round led by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels. The company plans to use the new funds to focus on increasing its product offerings and building a sales and marketing engine to expand its presence in India and international markets, according to a statement. ZenStatement is backed by a group of notable angel investors and business leaders, including Michael Boyd, former global treasury head of Apple; Chetan Venugopal, cofounder of Pierien Services; Ankit Nagori, founder of Curefoods; Kulin Shah, cofounder of Onsurity; and Ankit Fatehpuria, cofounder of Zetwerk, among others. Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement (formerly SimpliFin) is an artificial intelligence (AI)-powered financial analytics and cash flow management solution designed for enterprises with high transaction volumes. The platform enables businesses to monitor, optimise, reconcile, and forecast cash flows while providing financial insights through AI-driven natural language queries. In 12 months of operation, ZenStatement claims to have built a customer base that includes unicorns and leading companies in the digital commerce, retail, and fintech sectors, handling approximately 10 million transactions per month. "By automating the finance processes end-to-end, we help finance teams to be more productive and focus more on activities that drive more impact. We have seen great traction so far in India (and there are early offshoots in other developed markets) and looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals," Nolkha, CEO and cofounder of ZenStatement, said. A recent survey by research and consulting firm Gartner noted that 59% of business finance functions reported making several errors each month, as demands on accounting staff continue to rise. Efforts to increase capacity through CFO stack technology have not yielded the expected results. "Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives," Sonal Saldanha, vice president, investments at 3one4 Capital said. This can become a great starting point for a product like ZenStatement, Sonal added.