Fundly.ai, a Mumbai-based pharma-focussed fintech startup, has raised $3 million in a seed funding round led by Accel. The round also saw participation from Multiply Ventures and several angel investors.
As per the startup, the freshly raised funds will be used to deepen its engagement with existing customers, expand into new geographies, build technology and work on newer product offerings.
Fundly.ai | Supply Chain and MSME Finance
Founded by Amit Chawla and Shreeram Ramanathan, Fundly.ai is a fintech platform embedded in the healthcare vertical to provide innovative financing and allied solutions to the pharma distribution tail, specialty players, and brands.
The startup specialises in providing customised solutions to retailers and distributors in the pharma supply chain and helps them minimise friction, better manage cash flow, and increase margins.
Speaking about the development, Amit Chawla, Founder of Fundly.ai, said,
“With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic.”
Fundly’s full-stack tech solves supply chain network inefficiencies and skewed working capital cycles by providing accessible, convenient and customised solutions.
The firm claims to have disbursed money totalling Rs 140 crore (USD 17.1 million) and has empowered 2000+ retailers and 30+ distributors across nine cities. It gets roughly 55 per cent of its business from Tamil Nadu, 30 per cent to 35 per cent from Maharashtra and the rest from Andhra Pradesh.
Fundly.ai, which is now active in southern and western Indian markets, intends to focus on growth in its existing regions. Currently, the startup operates in nine Indian locations.
In March, Nimbbl, a Mumbai-headquartered fintech startup offering payment checkout solutions, raised over $3.5 million in funding from Groww, Sequoia Capital India, and Global Founders Capital (GFC). Also, Finsire, a fintech firm offering a lending infrastructure platform, raised seed funding of $1.3 million (around Rs 10.4 crore) led by the DevX Venture fund.
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