Apple alum financial startup raises money to expand globally – TechCrunch

Bluecopa, an Indian startup that builds a financial process automation platform for large-scale companies, has raised $2.3 million to expand its offering in the global market.

The initial funding round was led by Mumbai-based Bloom Ventures, with participation from Titan Capital, T-fund, Special Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures.

She was also joined by Chargebee founders Krish Subramanian, Rajaraman Santanam and Rohit Chinamani of HR management platform Darwinbox, and Asad Khan and Jay Singh of cross-browser testing tool LambdaTest.

“Just to take an analogy, for example Salesforce for sales, Marketo for marketing, GitHub for developers, there is a lot of white space in the financial space,” Nilutpal Chanda, co-founder and chief business officer of Bluecopa, said in an interview with TechCrunch.

Bluecopa was founded in 2021 by Chanda and fellow entrepreneurs Raghavendra Reddy and Satya Prakash Buddhavarapu. The trio previously worked together at tax management platform Optotax, which was acquired by new banking platform Open in February of last year. Apple acquired Tuplejump, another startup founded by Buddhavarapu, in 2016.

Bluecopa founders Raghavendra Reddy, Satya Prakash Buddhavarapu and Nilotpal Chanda (from left to right). Image credits: Blocopa

Unlike the traditional platform that requires specific experience to work, Bluecopa’s offer is promoted to work without special knowledge requirements. It also claims to work with all existing SaaS tools as well as Excel, Google Sheets, and all the other platforms that fund teams that use it.

“It’s a layer that connects to all of these tools in the enterprise, fetches the data, cleans, standardizes, normalizes and then presents all of that information in a human-consumable format,” Chanda explained.

He said the tool offers an Excel-like interface that finance professionals can easily use to understand their companies’ accounts. “Basically, the tools available today are not very easy to use. It also takes a lot of time to implement.”

Anaplan-backed Vareto and Google Ventures are among some of Bluecopa’s competitors. However, Chanda told TechCrunch that the pregnancy period with his platform is much smaller as it only takes four to six weeks to post to an organization. The solution also claims to have a cost advantage over other similar platforms available in the market.

“If you look at the build versus buy ratio, TCO [total cost of ownership] Much less – approximately 85 to 90% cost savings,” Chanda stated.

Bluecopa targets its platform at high-volume, high-transaction businesses, including e-commerce businesses. “We are already talking about very big major logos in the region,” Chanda said, adding, “We are also including a lot of early adopters in the US and North American markets.”

The Hyderabad-based startup declined to disclose any of its clients.

“We are in the implementation phase,” the CEO said. “It was published for a smaller subdivision of a large e-commerce company. Unless and until we go live, we — both parties — do not feel comfortable revealing,” he said.

Anirvan Chaudhary, vice president at Bloom Ventures, told TechCrunch that Apple’s acquisition of the startup Buddhavarapu played a key role in the investment decision for the venture fund in Bluecopa.

“The GTM model and business model were the biggest factor,” Chaudhry said. “But the fact that someone had built a product, the Tuplejump that Satya built, was basically a product that could have rival Snowflake. The world’s largest software company saw enough value that this was the product I wanted to have… and that came true. Great health.”

Details of the valuation have not been released, although Chowdhury told TechCrunch that it is “over $10 million”.

Buddhavarapu said in a prepared statement.

The startup consists of a team of 17 people. With the new investment, it plans to hire additional talent and grow its client base – along with improving the platform.

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