Zeni, a platform that provides bookkeeping and accounting service for startups, has raised a $34 million Series B round led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora. This funding will help the platform to bring its intelligent bookkeeping and accounting services to more customers, and support growing the Zeni team across all verticals.
Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round. Additionally, the announcement also said that Ravi Adusumalli, Founder and Managing Partner at Elevation Capital, will be joining the company as a new member of Zeni’s board.
Swapnil Shinde, Co-founder and CEO, Zeni, said, “Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category.”
Swapnil further added, “There is a huge demand from startups to digitise and automate their business finances, leading Zeni to experience 550 percent revenue growth and 375 percent customer growth year-over-year. Zeni is tackling the root of startup risk—financial management—by applying artificial intelligence, machine learning, and robotic process automation to create a fast, streamlined, intuitive way for startups to manage their finances.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.