A SME-focused SaaS startup, TranZact has raised $7 million in Series A funding from Tribe Capital along with the participation of Prime Venture Partners, Gemba Capital and Kae Capital.
Other angel investors such as Suhail Sameer of BharatPe, Sriram Krishnan, Ex Spotify/Tinder; Zetwerk co-founders; OfBusiness co-founders; Devendra Rane, Paytm; Giridhar Malpani, Climber Capital, and Krishna Khandelwal of Locus.sh, also participated in this round.
Founded by Ritesh Kumar, Sharad Sen Sharma and Rohan Sen Sharma, TranZact helps Indian SMEs digitise and automate their entire business operations from customer inquiry to dispatch. This funding will help accelerate TranZact’s vision of onboarding over 1 million SMEs in the next 12 months. TranZact also plans to invest in new talent and expand its team across all functions.
The company helps SMEs make data-driven decisions for key business operations and focus on growth by streamlining inventory, purchase, sales, and quotation management processes. Since its inception in 2017, TranZact claims to have onboarded more than 20,000 SMEs across industrial, electrical, and electronics, chemical, and packaging sectors.
Commenting on the fundraise, Ritesh Kumar, co-founder of TranZact said, “With the government pushing to get ‘Vocal for Local’, businesses are looking to modernise their operations for better customer experience and more robust bottom-line growth. Our vision is to build an intelligent layer on top of the SaaS platform to create a transaction-backed marketplace where SMEs can discover new customers, suppliers, finance partners, logistics partners and receive other value-added services.”
Adding to this, Arjun Sethi, Co-Founder and Partner, Tribe Capital said, “In India, SMEs have historically struggled to pursue more than one growth path at the same time due to a lack of cost-efficient and easy to implement digital transformation solutions. TranZact solves this core need by efficiently leveraging their freemium plan and simplified onboarding process to onboard new customers.”
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Shripati Acharya, Managing Partner, Prime Venture Partners said, “We are buoyed by the growth TranZact has witnessed until now and excited about the massive opportunity ahead in digitising SMEs in India. Digital SMEs will power India’s $5 trillion GDP ambition and TranZact will play a very big role in making this happen.”