(MENAFN- KNN India)
New Delhi, Jul 4 (KNN) Dice, an enterprise spend management platform, has successfully raised USD 5 million in a Series A funding round. The investment was led by Dallas Venture Capital (DVC), with participation from GVFL.
The company plans to utilise the newly acquired funds for several strategic initiatives, including enhancing market penetration, expanding customer outreach, optimising sales and marketing strategies, and improving artificial intelligence (AI) capabilities.
Founded in 2018, Dice offers a comprehensive suite of enterprise products, encompassing accounts payable, procurement management, subscription management, expense and travel administration, payment and budget management, and workflow control.
The platform leverages AI technology to analyse uploaded documents and automate various enterprise processes through advanced data analytics.
According to company statements, Dice currently serves approximately 75 enterprise clients and achieved an annual recurring revenue (ARR) of USD 1.5 million by the end of the previous fiscal year. Notable clients include Bajaj Electricals, Piramal Enterprises, and IDFC First Bank.
Dayakar Puskoor, Managing Partner, DVC, expressed enthusiasm about the partnership, stating, "DVC is thrilled to collaborate with Dice, and we look forward to helping them accelerate their growth in India and the USA through the DVC Advantage programme, which leverages an extensive network of advisors and partners."
The investment was made through the Dallas Venture Capital India Fund, which boasts a total corpus of Rs 280 crore.
Dice faces competition from global players in the enterprise spend management sector, including Fleetcor, Coupa, Sage Group, and Tipalti.
This funding round marks a significant milestone for Dice as it seeks to strengthen its position in the rapidly evolving enterprise spend management market.
(KNN Bureau)
MENAFN04072024000155011030ID1108407987
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.