ZenStatement, an AI-powered finance automation and cashflow management platform, has secured $1.62 million in seed funding headed by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels.
ZenStatement intends to use the funding to broaden its product offerings and establish a sales and marketing engine to drive expansion in India and other places.
Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, the firm intends to simplify enterprise finance procedures and provide real-time data. The platform processes around 10 million transactions every month for a variety of firms, including unicorns in digital commerce, retail, and fintech.
Announcing the fundraise, Sourabh Nolkha, CEO & Co-founder of ZenStatement, said, “By automating the finance processes end-to-end, we help finance teams to be more productive and focus more on activities that drive more impact. We have seen great traction so far in India (and there are early offshoots in other developed markets) and looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals.”
Echoing the sentiment, Ankit Narsaria, Co-founder & Chief Product Officer, said, “With the support of our investors, we will accelerate our growth and enhance our offerings through the world’s first unified finance automation platform that not only meets the needs of our users today but also adapts to the future demands in the ever-evolving financial landscape. Our focus is on delivering a user-friendly platform that truly meets the needs of finance teams. With our AI powered features, we’re making it easier for businesses to automate financial processes, gain real time insights, and make informed decisions. ”
Commenting on the investment, Sonal Saldanha, Vice President, Investments at 3one4 Capital said, “Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives, and a great starting point for a product like ZenStatement. Sourabh and Ankit bring domain knowledge and customer empathy to a crucial business function and have already made a mark in the one year that they’ve been around. We are excited to support ZenStatement as they scale and drive impact in the industry.
Sathya Nellore Sampat, General Partner, Boldcap VC shared, “We initially assumed reconciliation is a solved problem, but quickly learnt at most mid to large organizations it’s still manual, inaccurate and delayed. Additionally, organizations currently experience a loss of approximately 2- 3% of their revenue solely due to cash flow leakages, with potential losses being even greater as a result of workflow inefficiencies. Every CFO wants to solve all of this actively. Sourabh and Ankit, have collectively solved these problems in the past and are now using their expertise to build a one stop CFO-stack to simplify finance functions for mid to large businesses. We are very excited to back them”
