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Enterprise spend management platform Dice has raised Rs 42 crore ($5 million) in a Series A funding round led by cross-border VC firm Dallas Venture Capital. GVFL (formerly Gujarat Venture Finance Limited) also participated in the round.

The funds raised will be channelled towards a range of go-to-market (GTM) initiatives, designed to enhance market penetration, broaden customer outreach, optimise sales and marketing strategies, and enhance AI capabilities to improve user experience.

“We aim to democratise spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails. We are truly excited to have the support of Dallas Venture Capital and GVFL as we embark on this promising new chapter. This funding will empower us to expand our product offerings, grow rapidly in overseas markets, and deliver even more value to our clients,” said Prashant Singh Kushwah, Co-founder and CEO of Dice.

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Dice is a corporate spend orchestration, digital commerce, and payments platform for enterprises. It uses AI to streamline how enterprises consume B2B goods and services and manage enterprise spending.

“Dice offers a distinctive value proposition which uniquely leverages GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction freeing up significant working capital for an impressive array of partners and clientele,” added Gokul Dixit, Partner, Dallas Venture Capital.

“Dice is addressing critical inefficiencies in corporate spend processes by leveraging AI in their horizontal no-code solution. With their rock solid GTM the company has also scaled and garnered various partnerships, building an impressive clientele. GVFL is pleased to announce their partnership with Dice, supporting them in their global expansion and journey ahead,” said Kamal Bansal, Managing Director at GVFL.