Spendflo, a Software-as-a-service (SaaS) platform, has raised $11 million in Series A funding round led by Prosus Ventures and Accel. The startup plans to use the funds to expand its global footprint and strengthen its presence in North America. It will also ramp up local hiring and shore up on-ground activity to raise brand awareness in newer markets. The capital will also be deployed to fuel product growth. Spendflo operates an all-in-one enterprisetech platform that allows high-growth companies to buy, negotiate and renew SaaS products. The startup claims to have grown 30% month-on-month (MoM) since the beginning of 2022 and has multiplied its revenue 15X since then.
Indian startup ecosystem has been facing some challenges recently, including a slowdown in funding. This has had an impact on the enterprisetech landscape as well, which has traditionally been the choice of global companies for its affordable and high-quality products. Many companies around the world have also been cutting back on SaaS spending, which has further affected the Indian enterprisetech players. However, despite these challenges, the Indian enterprisetech sector emerged as the third highest funded sector in the first quarter of 2023, raising 194 Mn across 41 deals. So, while there are challenges, there are also opportunities for enterprisetech startups in India.