Bluecopa, an Indian startup that builds a financial operations automation platform for high-volume companies, has raised $2.3 million to expand its offering globally.
The seed funding round was led by Mumbai-headquartered Bloom Ventures with participation from Titan Capital, T-Fund, Special Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.
Also joining are Chargebi founders Krish Subramanian and Rajaraman Santhanam, HR management platform Darwinbox and Asad Khan and Jay Singh of browser testing tool LambdaTest.
“There’s a lot of white space to take analog, Salesforce for sales, Marketo for marketing, GitHub for developers, in the finance space,” Bluecopa co-founder and CEO Nilotpal Chanda said in an interview with TechCrunch. .
Bluecopa in 2010 It was founded in 2021 by Chanda and his entrepreneurial colleagues Raghavendra Reddy and Sathya Prakash Budhavarapu. The three previously worked together on Optotax, a tax management platform acquired by neobanking platform Open in February. Tuplejump, another startup founded by Buddhavarapu, was acquired by Apple in 2016.
Unlike traditional platforms that require specialized knowledge to operate, BlueCopa’s offering is designed to operate without any special knowledge requirements. It also claims to work with all existing SaaS tools, including Excel, Google Sheets, and all other platforms used by finance teams.
“It’s the layer that connects to all these devices in the organization, brings data, cleans it, consolidates it, normalizes it, and then presents all that data in a human-consumable form,” Chanda explained.
He said the tool offers an Excel-like interface that financial professionals can easily use to understand their companies’ accounts. “Fundamentally, today’s tools are not user-friendly. It takes a lot of time to implement them,” he said.
Anaplan and Google Ventures-backed Vareto are among Bluecopa’s competitors. However, Chanda told TechCrunch that the gestation period for his platform is very short, as it only takes four to six weeks to deploy in an organization. The solution also claims to have a cost advantage over other similar platforms on the market.
“If you look at build and purchase volume, TCO [total cost of ownership] It’s much, much less — about 85 to 90 percent cost savings,” Chanda said.
Bluecopa targets high-transaction and high-volume businesses, including e-commerce companies. “We are already in talks with very big key brands in the region,” added Chanda, “we are also onboarding many early adopters in the US and North American markets.”
The Hyderabad-based startup declined to identify any of its customers.
“We are in the implementation phase,” the executive said. Deployed to a small subsidiary within a large e-commerce company. Until we go full bang, we – both parties – are not comfortable with expressing it,” he said.
Bloom Ventures Vice President Anirvan Chowdhury told TechCrunch that Apple’s acquisition of Budhavarapu’s startup played a critical role in Bluecopa’s investment decision for the venture fund.
“GTM and the business model was the biggest factor,” Chowdhury said. But one guy Sathya built a product called Tuplejump that was basically a product comparable to Snowflake. And the top software company in the world saw enough value that this was a product I wanted to have… that’s a huge confirmation.
Details of the valuation were not disclosed, though Chaudhuri told TechCrunch it was “more than $10 million.”
Statement prepared by Buddhavarapu.
“BlueCopa supports the financial community of 10 million worldwide to dramatically reduce decision cycle times and focus on the numbers that matter,” he said. The startup has a team of 17 people. With the new investment, it plans to hire more talent and grow its user base – alongside enhancing its platform.