Audit SaaS Startup AuditCue Secures $1.5 Million in Seed Funding, Led by Kalaari Capital

• ByStartupStory     |    October 10, 2023

Chennai: AuditCue, a Chennai-based Software-as-a-Service (SaaS) startup specializing in auditing and risk analysis, announced a successful seed funding round, raising $1.5 million. The round was led by Kalaari Capital, a prominent venture capital fund. Other participants in the funding round include Java Capital and several angel investors based in San Francisco. AuditCue intends to allocate the funds towards product development, refining its go-to-market strategy, and expanding its engineering team.

Founded in 2022, AuditCue operates a platform that streamlines all aspects of the audit cycle. The platform plays a crucial role in risk assessment and expedites the audit process. Its user-friendly interface simplifies the experience for auditors, enhancing efficiency.

Gaurav Kulkarni, Co-founder & CEO of AuditCue, remarked, “AuditCue is built for Chief Information Security Officers (CISOs) operating in regulated markets who must navigate multiple compliance regimes. We are revolutionizing the risk and audit experience for our customers to make audits seamless. With this funding round, we aim to expand further into our primary geographic markets of North America, India, and the EU.”

AuditCue is committed to continually enhancing its product by collaborating with industry experts and plans to provide access to its solutions for companies seeking streamlined audit processes.

Vani Kola, Founder & Managing Director of Kalaari Capital, expressed enthusiasm for backing AuditCue’s vision, stating, “The $120 billion global audit and Governance, Risk, and Compliance (GRC) market is ripe for disruption with new-age tools. The founding team brings complementary skills, and we are excited to support their vision.”

In 2023, the SaaS industry was valued at $197.29 billion and is projected to reach $232 billion by 2024, according to Statista, a data analytics platform. Audit SaaS platforms play a vital role in helping businesses identify and rectify financial errors, monitor expenses, and ensure accurate financial record-keeping.

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Under the Companies Act of 2013, companies are legally required to conduct audits, regardless of their turnover or business nature.

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