The round saw participation from BoldCap and Signal Peak Ventures, as well as investments from a group of founders from companies such as Airbase, Zuora, Ivanti, CleverTap and Slintel.
The Spendflo platform is vendor-neutral and offers businesses purchasing SaaS software the ability to centralize contracts, gain spend visibility, manage renewals, and get guaranteed savings on their software spend. purchase of SaaS software.
Spendflo was part of the first Atoms Cohort, a program with $250,000 in funding to propel pre-seed startups with capital, mentorship from experienced entrepreneurs, and community support. Over the past six months, it has delivered over 23% savings for customers on their purchases of SaaS products. Just under a year after its launch, Spendflo helps many fast growing companies such as Airmeet, Crownpeak, LambdaTest and others with their SaaS purchases.
Founder and CEO Siddharth Sridharan told ET that the start-up is eyeing a $23 billion market opportunity, with the oldest competitor – US-based Vendr – just 3.5 years in the business. .
Spendflo would rise to handle $10 billion in SaaS spending over the next three years, given the strong growth in the SaaS software market globally and the bloated basket of SaaS tools that every business must pay for and operate, Sridharan told ET.
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Previously, Sridharan led the business operations team and managed SaaS procurement at Volta Charging, an American electric vehicle infrastructure company. He partnered with Ajay Vardhan, a former executive at Tone – a technology company to enable SMS marketing businesses, among others, and Rajiv Ramanan, a former Freshworks executive who led multiple growth channels within the Nasdaq-listed company, to launch Spendflo.
“Instead of centralized procurement workflows, we now have each business function purchasing what it needs. They overspend through unoptimized pricing plans, underutilized tiers and unused licenses,” said Accel India Partner Dinesh Katiyar.
Spendflo, which currently has 35 employees, will use the capital raised to hire in key Indian locations and the United States.
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