SaaS Startup Fyle raises USD 4.2 Mn in fresh funding

Bengaluru-based SaaS startup Fyle has raised USD 4.2 million in a Series A round led by Tiger Global. The funding round saw participation from existing investors Pravega Ventures, Beenext and Freshworks. Fyle has raised a total of USD 5.7 million with this round.

CEO and co-founder Yashwanth Madhusudhan told Mint that Fyle will use the fresh funding to expand its sales and marketing teams, especially its US operations, and also invest in R&D.

Founded in 2016, Fyle allows staff to track and manage their travel, insurance, local conveyance, medical expenses, and other company-related expenses. It is integrated with Microsoft Outlook and Google’s GSuite, which help employees file expense return forms with a single click. The Fyle software also employs automated algorithms to verify submitted data with company policies in real-time.

Scott Shleifer, partner, Tiger Global Management, told Mint, “We interviewed several Fyle customers who strongly believe their business processes have become more efficient and have seen positive changes in employee satisfaction and productivity.”

Fyle’s clients include Edelweiss Tokio Insurance company, Freshworks, NinjaVan and others. It claims to have more than 100,000 customers using its software from over 200 businesses.