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Febi.ai raises $2 Mn In Pre-series A funding Round
Category: Funding News, Posted on: 20/10/2024 , Posted By: Ishika Agarwal
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The startup was founded by CA Amit Jindal, CA Saurabh Jain, Ashu Goel, and CA Rahul Bansal. CA Amit Jindal and CA Saurabh Jain, both ex-Ernst & Young.Feb.ai, which was founded in 2022, eliminates manual data entry and errors while performing accounting and verifying invoices. Through its AI capabilities, the startup also automates documentation management and tax compliance and provides founders and entrepreneurs with real-time business insights, enabling them to make more confident, well-informed decisions. It plans to use the raised capital to further advance its artificial intelligence capabilities to automate accounting and tax compliance platforms, ramp up customer acquisition and expand its workforce.

Feb.ai, a homegrown AI startup automating accounting and tax compliance, has raised $2 million in a pre-Series A funding round led by a group of investors. Lumis Partners, Virender Rana (JP Morgan, ex-Managing Director-Payments), Amit Chaudhary (Co-founder Lenskart), Padmaja Ruparel (Co-founder IAN), Rohan Bhargava (Co-founder Cashkaro), Rajat Jain (Chairman Fino Payments Bank), and other notable investors participated in the round. Amit Jindal, a chartered accountant from India and a certified public accountant from USA, brings over two decades of rich experience in accounting and tax compliance. In his prior roles, he witnessed the practical challenges encountered by finance professionals and stakeholders in manual accounting and tax compliance. He decided to build Febi.ai to solve the real-time problems faced by teams working and the end users of existing accounting and tax compliance platforms. To enhance the technological expertise of Febi.ai’s leadership, Ashu Goel joined as CTO. Previously working with JP Morgan, Singapore, for 17 years, Ashu chose to return to India along with his family to support Febi.ai’s mission of leveraging AI to transform startups, SMEs, and enterprises. Sandeep Sinha, Partner at Lumis Partners, said, “Startups and MSMEs are the heart of the Indian economy. While handling business operations in competitive industries, taking care of finance and staying tax compliant can be a lot to manage for them. I believe Febi.ai can transform this as it takes the burden from their shoulders so they focus on high-priority work.”Padmaja Ruparel, Co-founder of Indian Angel Network, shared her thoughts, “Febi.ai is an innovative software and has the full potential to be the industry leader in its space. As someone who has connected so closely with the Indian entrepreneurial ecosystem, it’s a great platform for businesses trying to stay on top of their tax compliance and financial management.” Amit Chaudhary, Co-founder of Lenskart, said, “When entrepreneurs are building their business, investing time in doing accounting and finance is the last thing they want. Febi.ai helps them reduce manual work and use their time better.”

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