Blog

Funding

Febi.ai raises Ppre-Series A funding of $2M

Febi.ai, an AI-driven platform specialising in automating accounting and tax compliance, has raised $2 million in its pre-Series A funding round from Lumis Partners. Other notable investors include Virender Rana, former Managing Director, Payments at JP Morgan, and Amit Chaudhary, Co-founder of Lenskart. 

Padmaja Ruparel, Co-founder of Indian Angel Network; Rohan Bhargava, Co-founder of Cashkaro; Rajat Jain, Chairman of Fino Payments Bank; also participated in the round. 

Founded in 2022 by a team of chartered accountants and technology experts, Febi.ai, which is short for Founders Entrepreneur Books Innovation, uses AI to eliminate manual data entry and errors in accounting processes. It automates invoice verification, documentation management, and tax compliance while providing real-time business insights to help founders and entrepreneurs make data-driven decisions.

Other news

Satyukt Analytics wins STPI’s Smart Farm Grant Challenge

Satyukt Analyticshas been awarded the top prize at the Smart Farm Grant Challenge organised by the Software Technology Parks of India (STPI), an autonomous organisation under the Ministry of Electronics and Information Technology (MeitY). The company secured a grant of Rs 50 lakh for its solution to improve the efficiency of sugarcane harvesting.

The award ceremony, held in New Delhi, was graced by S Krishnan, Secretary of Meity.

The challenge initiated by STPI aims to promote innovative approaches for enhancing agricultural processes This year’s challenge attracted 474 entries. 

“We are thrilled to be recognised by STPI for our efforts in revolutionising sugarcane harvesting. This award underscores our dedication to enhancing agricultural productivity and sustainability through technological innovation,” said Sat Kumar Tomer, Founder & CEO, Satyukt Analytics. 

8i Ventures earns 12X return on full exit from M2P Fintech

” align=”center”>

Early-stage India-focused VC fund 8i Ventureshas fully exited from M2P Fintech as part of the company’s recent $100-million capital raise, which involved both primary and secondary transactions.

8i Ventures initially invested Rs 9.7 crore in M2P Fintech and has now achieved an 12x return, amounting to Rs 115.9 crore in 4.5 years, with an internal rate of return of 131%. The investment has delivered 1.27 times the entire corpus of Fund I on a pre-tax basis while utilising only 10% of its capital, according to a release.  

“Our early investment in M2P has proven to be transformative. Identifying and supporting ventures that redefine categories before they become mainstream is central to our approach. M2P’s success has not only generated substantial returns but has also showcased our ability to leverage a small portion of our capital to create outsized impact,” said Vikram Chachra, Founding Partner of 8i Ventures. 

ZEPIC rolls out Zenie AI engine, along with other features

ZEPIC, a customer engagement platform, has launched three new products aimed at enhancing customer interactions and marketing strategies. The launches are Zenie, an AI engine; Team Inbox, a centralised platform for managing customer conversations; and a cardless 14-day free trial, providing marketers globally a risk-free opportunity to experience the platform’s capabilities.

Zenie, which is now integrated into all ZEPIC accounts, leverages large language models (LLMs) and advanced natural language processing to support users across various features, enabling them to complete tasks swiftly. It assists across multiple functions, including user onboarding, data integration, campaign management, and analytics. 

“Zenie isn’t just another AI Copilot. Zenie is an ever-present, intelligent sidekick that continuously learns and adapts to provide the best outcomes for our users. Zenie helps from every nook and cranny of our platform, from organising and unifying data to creating and running hyper-personalised campaigns in 20 minutes flat,” said Naveen Venkatesan, Co-CEO & Product Head at ZEPIC.