Finance operations automation platform Bluecopa has raised $2.3 million in seed round of funding led by Blume Ventures with participation from Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures. As per the company, the capital raised will be used to enhance the platform’s capabilities, hire talent and grow the company’s consumer base.
Also joining the round are notable founders Krish Subramanian, Rajaraman Santhanam (Chargebee), Rohit Chennamaneni (Darwinbox), Asad Khan and Jay Singh (Lambdatest).
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, Satya Prakash, co-founder, Bluecopa, said. “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, among others. Solving these aspects can increase sales by 20% and profitability by 30%. Bluecopa supports the 10 million finance community across the globe to significantly reduce time to decision cycles and focus on the numbers that matter.”
Bluecopa was founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda. It is a finance operations automation platform purpose-built for finance teams in high-growth companies. It helps chief financial officers (CFOs) and finance leaders get a real-time view of all the business KPIs, get actionable insights and provide strategic direction to business leaders. The platform also manages day-to-day finance operations such as business planning, scenario modelling, variance analysis, intelligent alerts, reconciliations and more.
For Anirvan Chowdhury of Blume Ventures, having the right financial observability and signals is critical for companies with high transaction volumes in today’s age. “We really 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,” he added.
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