The expense management software for enterprises, Happay has raised Rs 1.60 crore ($250,000) in a fresh round of funding, a report by TechCircle confirms. The IT services company raised a total of $10 million (Rs 65.13 crore) in the round led by existing investor Sequoia Capital.
Happay which was found in 2012 in Bangalore, Karnataka raised the same amount at its previous Series B funding in December. The company had raised that round at a post-money valuation of $53-55 million.
The funding round observed the involvement of Sequoia Capital, Singapore-based private equity fund Axiom Capital and AME Cloud Ventures, the venture led by Yahoo co-founder Jerry Yang and other investors etc.
Previously in 2015, Happay had raised $7.2 million from Sequoia Capital and Prime Venture Partners in July and raised $500,000 (Rs 3.1 crore) from seed-stage venture capital firm Prime Venture Partners, which was formerly known as AngelPrime in April.
Happay was founded by IIT Kharagpur alumni Rai and Rathi. It initially offered consumer-facing peer-to-peer mobile wallet, but it later shifted to an expense management platform for enterprises.
The Happay Technology lets the customer add and update business expenses instantly when it happens and thus doesn’t require a person to reach to paper and cash. It includes petty cash management, expense report automation, prepaid cards for business expenses, travel and expense management, international travel cards, and a digital marketing expense card.
In the financial year 2016-2017, the company saw a rise in gross revenues at Rs 10.09 crore, up from Rs 3.47 crore in the previous financial year. Similarly, operational revenue grew at Rs 7.64 crore, up from Rs 1.23 crore in the same year-ago period.
(Note: News source VCCircle)