Hyderabad-based finance operations automations platform Bluecopa, announced on Tuesday, that it has scooped up $2.3 million in seed funding, a round that was led by Blume Ventures.
The round included the participation from prominent angels such as Chargebee’s Krish Subramanian and Rajaraman Santhanam, Darwinbox’s Rohit Chennamaneni, and LambdaTest’s Asad Khan and Jay Singh. Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures also took part in the seed round of funding.
Bluecopa will be deploying the funds towards enhancing its capabilities, driving recruitments, and expanding its considerable consumer base.
Founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda, Bluecopa helps in the automation of financial operations such as business planning scenario modelling, variance analysis, intelligent alerts, and reconciliations, while simultaneously providing real-time actionable insights to help the finance team take key decisions. The upstart aims to empower financial teams to “focus on strategic finance” as it “helps CFOs and finance leaders get a real-time view of all the business KPIs, get actionable insights and provide strategic direction to business leaders.”
Bluecopa is eyeing the fast growing Indian fintech market. It is expected that the domestic fintech market will grow at a CAGR of 31% during 2021-25 and reach $1.3 trillion by 2025.
Out of this, a big slice of the pie goes to fintech SaaS, which is slated to be worth $12.6 billion. It has managed to survive the funding crunch so far and clocked strong growth in India during the pandemic, and India’s SaaS market is slated to reach the $1 trillion milestone by 2030.