Exclusive: Fintech startup numberz raises seed funding

Gurgaon-based Paradime Technologies Pvt. Ltd, which runs cash-flow management startup numberz.in, has raised seed funding of $650,000 from investors Kae Capital and Khosla Impact, one of the co-founders told Techcircle.

The B2B startup was founded by Aditya Tulsian, Baskar Ganapathy and Rajeev Chari. Tulsian, a former Intuit India employee, is an Indian School of Business graduate. Ganapathy, who has worked with AT&T and Intuit India, is an engineer turned MBA. Chari who has work experience across FMCG and automobile industry is also an alumnus of Indian School of Business. He has worked with Coca-Cola and Ford.

The company, which started in July last year, was earlier known as getfiscal.in.

Tulsian told Techcircle that the startup is also looking at the next round of funding of around $3-5 million, without mentioning a timeline for the closing.

The startup helps small and medium enterprises (SMEs) to manage their cash flow better including services like invoice management and expense management.

The startup has around 3,750 SMEs as clients now, Tulsian said. The firm charges Rs 10,000 per year from SMEs that avail its services.

"With GST (Goods and Services Tax), which will start next year, and with the recent demonetisation which is influencing businesses to come online, we expect our business to grow rapidly in the months to come," said Tulsian.

"Our business has doubled in this month already, compared to October," added Tulsian.

At the G-Startup Worldwide pitching competition which was held in Bengaluru recently, numberz had won the second prize.

In October, Washington and Bengaluru-based fintech company MPOWER financing had raised $6 million in funding from investors led by Zephyr Peacock India.

The fintech segment has been seeing a lot of investment action recently.

Last month, InMotion Media Ventures Pvt. Ltd received an undisclosed amount of funding from online drug marketplace 1mg's founders Prashant Tandon and Gaurav Agarwal.

Bengaluru-based Scripbox.com India Pvt. Ltd raised Rs 16 crore in its Series A funding from Accel Partners and a group of angel investors. New Delhi-based IndiaLends raised an undisclosed amount in a pre-Series A round led by DSG Consumer Partners and angel investors including Siddharth Parekh.