Mumbai-based fintech startup Fundly.ai on Sunday said it had raised $3 million in a seed funding round led by Accel. Multiply Ventures and other angel investors also participated in the round.
Fundly.ai, founded by Amit Chawla and Shreeram Ramanathan, has a presence in nine Indian cities and has been bootstrapped since 2021. Through the years 2018 and 2019, the duo worked at InCred.
“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,” Fundly.ai founder, Amit Chawla said.
By disbursing funds worth Rs 140 crore ($17.1 million), the company has served over 2,000 retailers and more than 30 distributors in nine cities. According to Chawla, roughly 55% of the company’s business comes from Tamil Nadu, 30–35% from Maharashtra, and the rest from Andhra Pradesh.
Fundly.ai planned to increase engagement with existing customers, expand into new geographies, build technology, and work on new offerings.
Fundly.ai plans to partner with retailers, distributors, and other stakeholders to provide new products using financial as an entry point, Sarthak Singh, an Accel investor, said.
“Amit and Shree bring a wealth of experience from their deep lending background. Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” Singh added.