Spendflo, a San Francisco- and Chennai-based SaaS (software-as-a-service) buying and management platform, has raised $11 million in Series A funding led by Prosus Ventures and Accel. 

The current round, coming within ten months from its seed round, takes the total fundraising to $15.4 million. Together Fund, Signal Peak Ventures, and Boldcap Ventures are among the other investors. 

Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, Spendflo simplifies buying, managing and renewing SaaS solutions for companies. The company said its clientele — spread across North America, Europe, APAC, and West Asia — has grown 30 per cent month-on-month since the start of 2022, marked by 15 times growth in revenue and 5X growth in customer base. 

Spendflo will use the current funding for product growth and global expansion with greater focus on the North American market.

CEO Sridharan said that, as cost optimisation becomes a priority for companies, Spendflo is becoming the go-to tailor-made solution for SaaS. 

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Spendflo supports the optimisation of everything from a company’s cloud software expenses to financial metrics, including gross margins, runway, and burn rate, said Ramanan, CRO.

Ashutosh Sharma, Head of Investments, India, at Prosus Ventures said that outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and the need to rationalise cost base. 

Dinesh Katiyar, Partner at Accel, said Spendflo has evolved from a SaaS buying solution into an all-in-one platform, helping businesses at every stage of their SaaS buying and management journey thereby saving time and money. 

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