Fintech startup Fundly.ai said it has raised $3 million in a seed funding round, led by Accel, according to ETtech report.
Other investors in the round included Multiply Ventures and other angel investors. The pharma supply chain startup that services retailers and distributors also financially equips them to manage better cash flows and increase their margins. The company, currently present in southern and western Indian markets, wants to focus on growing in its existing markets, Fundly.ai founder Amit Chawla told ET.
Founded by Chawla and Shreeram Ramanathan, Fundly.ai is present across nine cities in India and has been bootstrapped since 2021. The duo worked at InCred through the years 2018 and 2019.
“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.
Fundly.ai plans to deepen engagement with existing customers, expansion into new geographies, building technology and working on newer product offerings, it said in the statement.
With financial serving as an entry point, Fundly.ai plans to bring product innovations to retailers, distributors and other stakeholders together, Accel investor Sarthak Singh said.
“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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