The startup received funding from T-Hub’s funding initiative T-Fund (a co-investment fund led by the Telangana government) and Blume Ventures, along with other notable investors.
● The funding will enhance Bluecopa’s platform’s capabilities, hire talent, and grow the company’s consumer base.
India, 3rd August 2022:
T-Hub, which leads India’s innovation ecosystem, today announced that it has co-invested in Bluecopa through T-Fund along with Blume Ventures and other notable investors like Titan Capital, Speciale Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures. Finance operations automation platform, Bluecopa raised USD 2.3 million in this seed funding round. Also joining the funding round are seasoned entrepreneurs Krish Subramanian, Rajaraman Santhanam, Founders of Chargebee, Rohit Chennamaneni, Founder of Darwinbox, Asad Khan and Jay Singh, Founders of LambdaTest.
T-Fund is primarily a Co-Investment Fund, which invests alongside established Angels, Angel Networks, and venture capitalists. T-Hub is the Investment Manager and will formulate investment and business development strategies for this fund. It will source startups from various sectors, including but not restricted to Information Technology, Cleantech, Agritech, Fintech, Healthtech, Logistics, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things, Augmented Reality (AR), Virtual Reality (VR), Hardware, Blockchain, and Consumer tech.
In addition to the funds, T-Hub, through T-Fund, will support Bluecopa with its market entry and go-to-market strategy efforts by connecting them with mentors and industry experts. The startup will also gain access to T-Hub’s robust innovation ecosystem to engage with potential clients, corporate and investor connections. The capital raised will be used to enhance the platform’s capabilities, hire talent, and grow the company’s consumer base. Bluecopa caters to enterprises across the globe with a vision to free up finance teams and empower them to focus on strategic finance.
MSR, CEO of T-Hub, said, “We are thrilled to support the team and vision of Bluecopa through our funding initiatives, enabling them to empower the finance leaders to make informed business decisions faster. We believe that Bluecopa has an incredible opportunity to transform the Fintech landscape with its powerful automation solution, enabling finance teams to focus not just on business growth and on accelerating it. Moreover, with the passionate founding team, growth trajectory and market position, it has significant potential to scale in the global market.”
Satya Prakash, Co-founder of Bluecopa, said, “With the proliferation of SaaS tools across organisations, real-time business observability is fragmented for finance teams, which means data to decision cycles are significantly high and error-prone. As a result, there is an increasing dependency on data teams, expensive and complex tools, and clunky Excel spreadsheets to understand business drivers. This is a hair-on-fire problem, particularly in high transaction volume industries such as e-commerce, logistics, financial services etc. Solving these aspects can increase sales by 20 per cent and profitability by 30 per cent. Bluecopa supports the 10 million finance community across the globe to significantly reduce time to decision cycles and focus on the numbers that matter.”
Anirvan Chowdhury, Vice President of Blume Ventures, added, “Having the right financial observability and signals is mission critical for companies with high transaction volumes in today’s age. We loved Bluecopa’s data-infra-focused approach to solving this critical problem for finance teams, which will be their key differentiator. With Satya having deep expertise in building a strong data infra product and getting a sizable exit to Apple, Neel’s strong credentials as an enterprise sales maestro, and Raghava’s hands-on experience in finance, we couldn’t have asked for a better team to solve a problem that every industry across all geographies is grappling with.”
Bluecopa was founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda. They are a second-time entrepreneurial team with rich experience building products and scaling companies in Fintech, Enterprise Resource Planning (ERP), AI, and data-engineering domains. Satyaprakash’s first startup “Tuplejump” was a Machine Learning platform and was acquired by Apple in 2016.
Bluecopa is built for finance teams in high-growth companies, helping Chief Financial Officers (CFOs) and finance leaders get a real-time view of the business KPIs, actionable insights, and strategic direction to business leaders. The platform also manages day-to-day finance operations such as business planning, scenario modelling, and variance analysis. In essence, it accelerates the digitalisation of the finance function to handle scale and complexity. It provides an easy-to-use and intuitive excel-like interface and can process millions of transactions in real-time.
Traditionally, finance operations and automation tools have been seen as table stakes but not drivers of the bottom line or top line. However, the next generation of such solutions will change this paradigm, and it is a massive market opportunity. According to estimates, the market for Finance Operations automation solutions is a USD 20 billion opportunity globally.
T-Hub recently disbursed USD 189K to three startups through T-Fund and will continue to curate and work on funding initiatives like these along with the government’s support.
