Enterprise spend management platform Dice has successfully raised ₹42 crore ($5 million) in a Series A funding round led by cross-border venture capital firm Dallas Venture Capital (DVC), with significant participation from GVFL (formerly Gujarat Venture Finance Limited).
The newly acquired funds will be directed towards various go-to-market (GTM) initiatives, which include enhancing market penetration, broadening customer outreach, optimizing sales and marketing strategies, and advancing AI capabilities to improve user experience.
Prashant Singh Kushwah, Co-founder and CEO of Dice, expressed his excitement: “We aim to democratize spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails. We are truly excited to have the support of Dallas Venture Capital and GVFL as we embark on this promising new chapter. This funding will empower us to expand our product offerings, grow rapidly in overseas markets, and deliver even more value to our clients.”
Dice specializes in corporate spend orchestration, digital commerce, and payments for enterprises. The platform leverages AI to streamline how businesses consume B2B goods and services, manage spending across various channels including travel, reimbursements, procurement, accounts payable, and utility payments.
Gokul Dixit, Partner at Dallas Venture Capital, highlighted the unique value Dice brings: “Dice offers a distinctive value proposition which uniquely leverages GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction, freeing up significant working capital for an impressive array of partners and clientele.”
Kamal Bansal, Managing Director at GVFL, also emphasized the strategic partnership: “Dice is addressing critical inefficiencies in corporate spend processes by leveraging AI in their horizontal no-code solution. With their rock solid GTM, the company has also scaled and garnered various partnerships, building an impressive clientele. GVFL is pleased to announce their partnership with Dice, supporting them in their global expansion and journey ahead.”
The global business spend management software market is projected to grow from $19.07 billion in 2022 to $46.42 billion by 2030, at a CAGR of 11.9%, according to market research firm Fortune Business Insights. This growth is fueled by the increased adoption and integration of cloud-based solutions and AI in businesses.
With this substantial funding, Dice is well-positioned to enhance its product offerings, expand its market presence, and continue delivering innovative solutions to its clients.
