Fintech Automation SaaS startup Bluecopa has raised $2.3 million in its seed funding round led by Blume Ventures. Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures also participated in the round.
Angel investors including Krish Subramanian and Rajaraman Santhanam of Chargebee, Rohit Chennamaneni of Darwinbox and Asad Khan and Jay Singh of Lambdatest also invested in this round.
Bluecopa will use the funding to improve its platform capabilities, hire talent and grow its consumer base. Among other things, Bluecopa manages business planning, scenario modelling, variance analysis, intelligent alerts and reconciliation.
Founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda, Bluecopa is a financial operations automation platform that helps CFOs and finance teams of high-growth companies gain real-time insight into business KPIs, business insights and make business decisions accordingly.
Bluecopa helps speed up financial operations and helps CFOs and the finance team manage operations across the company. It provides an Excel-like interface and helps process millions of transactions in real-time, according to the startup.
Anirvan Chowdhury, Vice president-Investment team at Blume Ventures, said, “We liked Bluecopa’s approach to solving this critical data infrastructure problem for finance teams. With Satya’s background in building a data infrastructure product, Neel’s strong reputation as an enterprise sales maestro, and Raghava’s background in finance, we couldn’t ask for a better team to solve a problem that each industry faces.
Satya Prakash, Co-founder of Bluecopa, said, “There is an increasing reliance on data teams, expensive and complex tools and clunky Excel spreadsheets to understand business drivers. This is a serious problem, especially in high transaction volume industries like e-commerce, logistics, financial services etc. Addressing these aspects can increase revenue by 20% and profitability by 30%.”
Bluecopa’s founding team consists of entrepreneurs who have extensive experience building products and companies in fintech, ERP, AI and data engineering. Before building Bluecopa, Satyaprakash built a machine learning platform – Tuplejump, which was later acquired by Apple in 2016.
The startup competes with similar fintech SaaS startup FinBox, which raised $15 million in June.