Finance Operations Automation Platform Bluecopa Raises USD 2.3 Million
Hyderabad based financial operation automation start-up, Bluecopa announced to raise USD 2.3 million in seed funding round. The start-up, incubated from T-Hub, raised funding led by Blume Ventures and T-Fund, a co-investment fund led by the Telangana government.
The funding round has also seen a proactive participation of leading investing firms like Titan Capital, Speciale Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures. Individual startup founders like Rohit Chennamaneni of Darwinbox, Chargebee’s Krish Subramanian and Rajaraman Santhanam and Lambdatest’s Asad Khan and Jay Singh also invested in this round.
Bluecopa, which provides businesses automated and hassle free strategic financial solutions, said that the company will use this raised fund to expans its operation, hire talent and increase its reach.
The company said that its platform helps chief financial officers and decision makers get real time insights of their businesses Key performance indicators (KPI) and strategic direction for management. It also lets them manage day-to-day financial tasks like business planning, scenario modelling, variance analysis, intelligent alerts, and reconciliations, among others. The finance operations automation solutions market is pegged to be a USD 20 billion opportunity globally.
Bluecopa was started in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda who have experience in fintech, ERP, Artificial Intelligence and data-engineering domains. The company is currently headquartered in Hyderabad and performs most of its operation from there only.
Satyaprakhash, commented on the funding saying, “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 percent and profitability by 30 percent.”