Rainmatter Capital, a Zerodha-backed fintech fund that invests and incubates innovative fintech startups, announced that it has pumped in Rs 10 crore into ERPNext, an open-source project being built in India.
In a press release, Rainmatter said ERPNext offered multiple modules, from inventory management, payroll, sales and support, customer relationship management to employee wellness. Being built on the Python framework, it allows users to customise the solution and build business applications and workflows on top of it.
Commenting on the investment, Rushabh Mehta, ERPNext chief executive officer, said, “This is a strong signal of the arrival of ERPNext as an alternative to the large, expensive and proprietary ERP (enterprise resource planning) products. ERPNext is powerful, scalable and 100 percent Open Source and with the investment, we will continue investing in the product and the community.”
“The company had managed to build its entire technology stack on ERPNext and succeeded in scaling up the product to emerge as the largest stock broker in India,” Zerodha’s chief technology officer Kailash Nadh said.
ERPNext is a web-based, open-source application that helps small, medium, and enterprise businesses manage their Accounting, Inventory, Sales, Purchase, Manufacturing, Projects, Customer Support, and Website.
The teams at Zerodha and ERPNext also created FOSS United, a non-profit foundation, to promote and encourage innovative FOSS projects like ERPNext to be built in India.
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