Fundly.ai, a finance startup based in Mumbai, announced on Sunday that Accel led a $3 million seed investment round for the company. Multiply Ventures and other angel investors participated in the round as additional investors.
The pharmaceutical supply chain startup that assists distributors and retailers also provides them with the financial tools they need to manage better cash flows and boost their margins. According to Fundly.ai CEO Amit Chawla, the firm wants to concentrate on expanding in its current markets, which are in southern and western India.
Fundly.ai was started by Chawla and Shreeram Ramanathan in 2021 and is now operational in nine Indian cities. Throughout 2018 and 2019, the pair worked for InCred.
“With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic,” Chawla said.
By disbursing money totaling Rs 140 crore ($17.1 million), the firm has served over 2,000 shops and more than 30 distributors in nine locations to date. According to Chawla, the company receives roughly 55% of its revenue from Tamil Nadu, 30%–35% from Maharashtra, and the remainder from Andhra Pradesh.
According to the announcement, Fundly.ai intends to expand into new regions, improve engagement with current clients, build technology, and work on additional product offers.
Fundly.ai promises to connect retailers, distributors, and other stakeholders with product developments using finance as an entrance point. Sarthak Singh, an investor in Accel, stated.
"Amit and Shree bring a wealth of experience from their deep lending background. Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” Singh added.
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