Spendflo’s new business tactics:
Spendflo, a SaaS procurement firm, has secured $4.4 million in a seed round sponsored by Accel India and Together Fund. BoldCap and Signal Peak Ventures were among the investors in the round. Founders and operators of Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, and Wingify were among the individual investors in the round. Spendflo will use the capital to build its digital infrastructure, employ expertise from other industries, and expand its business. It will also invest in doubling down on its go-to-market approach in the United States, where many of its clients are located. Siddharth was requested to explore the SaaS sector and help the firm cut its SaaS expenditures before starting Spendflo while managing business operations for the US-based Volta Charging. Siddharth's study results assisted him in overcoming three significant challenges in the SaaS sector: decentralisation, opaque pricing, and difficulty in optimising SaaS spending. Many individuals have a lot of internet subscriptions they don't use, and using a tool like Truebill to view all of their recurring payments in one spot can save them a lot of money. Spendflo, which is aimed at chief financial officers and finance leadership teams, intends to do the same for enterprise SaaS users. Siddharth told his buddy Ajay Vardhan, who was working as an engineer at Tone at the time, about his discoveries. Intending to close these gaps in the SaaS sector, the two friends relocated to India, where Rajiv Ramanan, another budding entrepreneur, joined them. The trio then co-founded Spendflo in early 2021. Spendflo essentially purchases, negotiates and renews SaaS packages for high-growth businesses while also automating their whole procurement process. Spendflo co-founder and CEO Siddharth Sridharan remarked, "We often engage with finance teams of high-growth firms to assist them in optimising their SaaS spending."
Spendflo’s growth rate gave it a push:
Furthermore, Spendflo guarantees that all departments within a firm are equally involved in the SaaS purchase process. To do this, it provides its clients with a centralised collaboration platform where their employees may freely exchange papers, avoiding the overbuying of a SaaS product. In the fiscal year 2021-22, Spendflo saw a 20-25 per cent month-over-month (MoM) growth rate. According to Siddharth, the monthly revenue rate (MRR) is currently between $50K and $1 Mn. Spendflo was once a member of Atoms, Accel's pre-seed investment programme. The business got $250,000 in non-dilutive funding and coaching from industry professionals as part of the programme. Spendflo typically works with companies in the growth stage, sponsored by private equity firms or venture capitalists and expanding at a rate of 50-100 per cent each year (YoY). Currently, Spendflo works with over 30 businesses. Customers are largely from the United States, the Middle East, and India. Its customers include Mindtickle, Lambda Test, Airmeet, Yellow Messenger, Urban Company, and Crownpeak. Its site makes money by charging an annual subscription fee. It determines a company's yearly subscription based on the SaaS expenditures it handles. SaaS procurement and management space compete with companies like Quolum, Zluri, Finly, Fyle, and Numberz.
