Fundly.ai secures $3M funding led by Accel India and Multiply Ventures to develop new product offerings

• ByStartupStory     |    May 8, 2023

Mumbai-based fintech startup Fundly.ai has announced that it has raised $3 million in a seed funding round, led by Accel. The funding round also saw participation from Multiply Ventures and other angel investors.

Fundly.ai is a pharma supply chain startup that services retailers and distributors by providing financial tools to better manage their cash flows and increase their margins. The startup is currently present in southern and western Indian markets, with plans to focus on expanding in its existing markets.

“With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic,” said Fundly.ai founder Amit Chawla.

The startup, which has been bootstrapped since 2021, has already disbursed funds worth Rs 140 crore ($17.1 million) to over 2,000 retailers and more than 30 distributors across nine cities. The majority of the company’s business comes from Tamil Nadu, with 30-35% from Maharashtra and the rest from Andhra Pradesh.

Fundly.ai plans to use the funding to deepen engagement with existing customers, expand into new geographies, build technology, and work on newer product offerings. The company aims to bring product innovations to retailers, distributors, and other stakeholders, leveraging its financial tools as an entry point.

Accel investor Sarthak Singh praised Fundly.ai founders Amit Chawla and Shreeram Ramanathan for their deep lending background and their ability to identify gaps and opportunities in the pharma supply chain.

“Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” Singh said.

Fundly.ai’s founders, Chawla and Ramanathan, had previously worked at InCred in 2018 and 2019. With the new funding, they are looking forward to expanding their reach and bringing greater efficiency to the pharma supply chain.

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