SUMMARY
- ZenStatement raised $1.62M led by 3One4 Capital, Boldcap VC; plans to expand products and sales.
- The AI-powered firm automates cash flow management, serving firms with high transaction volumes in fintech and retail.
- It processes 10M transactions monthly; supported by prominent angels and focuses on India and international markets.
ZenStatement, a finance automation and cash flow management platform, has raised $1.62 million in an investment round led by 3One4 Capital and Boldcap VC. Atrium Angels, and Dynamis Ventures also participated in the round.
According to a release, the startup intends to use the additional funding to concentrate on growing its product offerings and developing a sales and marketing engine to increase its footprint in India and other foreign markets.
A number of well-known angel investors and business executives support ZenStatement, including Ankit Nagori (Curefoods), Kulin Shah (Onsurity), Michael Boyd, former head of Apple’s global treasury; Chetan Venugopal (Pierien Services) and Ankit Fatehpuria (Zetwerk).
Sourabh Nolkha, CEO and Co-founder of ZenStatement states, “By automating the finance processes end-to-end, we help finance teams to be more productive and focus more on activities that drive more impact. We have seen great traction so far in India (and there are early offshoots in other developed markets) and looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals.”
Sonal Saldanha, vice president of investments at 3one4 Capital, stated that, “Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives. This can become a great starting point for a product like ZenStatement.”
Sourabh Nolkha and Ankit Narsaria-led ZenStatemnet, founded in the year 2023 is a financial analytics and cash flow management system driven by artificial intelligence (AI) and intended for businesses with large transaction volumes. Through AI-driven natural language queries, the platform provides financial data and helps firms monitor, optimize, reconcile, and forecast cash flows.
The business claims to have handled almost 10 million transactions per month in just its first year of business, with a customer list that includes unicorns and top fintech, retail, and digital commerce organizations.
