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Sunday, June 4, 2023

Accel leads $3M round in Fundly.ai for new pharma-focused financial products

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On Sunday, the pharma-focused financial technology firm Fundly.ai, located in Mumbai, announced that it has successfully completed a seed investment round in the amount of $3 million, headed by Accel. In addition to them, several angel investors and Multiply Ventures participated in this round of funding.

The pharmaceutical supply chain startup that serves retailers and distributors also provides them with the financial tools and resources necessary to improve their cash flow management and expand their profit margins.

The firm, which is currently active in the markets of southern and western India, desires to concentrate on expanding its presence in its existing areas. the creator of Fundly.ai

Fundly.ai is a bootstrapped company that was started by Chawla and Shreeram Ramanathan in 2021. The company currently has a presence in nine locations around India. During the years 2018 and 2019, both individuals were employed at InCred.

Chawla stated, “With this new funding, we are excited to expand our reach and explore untapped markets. By doing so, we will be able to bring our vision of a more efficient and effective pharma supply chain to an even larger demographic.”

To this day, the company has provided its services to more than 2,000 merchants and more than 30 distributors in a total of nine locations, and it has distributed Rs 140 crore ($17.1 million) in total.

According to what Chawla, around 55 percent of the company’s revenue comes from the state of Tamil Nadu, 30 to 35 percent from the state of Maharashtra, and the remaining 5 percent from Andhra Pradesh.

According to the statement, Fundly.ai intends to broaden its product offerings, strengthen its relationships with existing clients, expand into new geographic regions, develop its technology, and continue to enhance consumer interaction.

Fundly.ai intends to bring together retailers, distributors, and other players in the product innovation space by using finance as an access point. Sarthak Singh, an investor in Accel, stated.

“Amit and Shree bring a plethora of knowledge to the table as a result of their extensive career in the financing industry. They have been able to identify the gaps and possibilities that are there in the pharmaceutical supply chain by using the experience they have gained from this,” Singh added.

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