Zeni raised $34M Series B Round led by Elevation Capital
Zeni, an AI-driven financial concierge, today disclosed that it had secured $34 million in a Series B investment round headed by Elevation Capital and included investors like Neeraj Arora and Think Investments. Only organic growth and referrals were responsible for Zeni’s 550 percent revenue growth each year.
After Zeni disclosed $13.5 million in a combined seed and Series A round only five months prior, the new investment was made. Since Snehal Shinde and Swapnil Shinde, twin brothers, co-founded the business in 2019, it has already raised $47.5 million.
Along with previous investors Amit Singhal, Saama Capital, Sierra Ventures, Dragon Capital, Twin Ventures, and Liquid 2 Ventures, new investors Think Investments and Neeraj Arora joined Elevation in the latest round. Due to the investment, Ravi Adusumalli, the managing partner and founder at Elevation Capital, will join Zeni’s board.
The startup and small business sectors are frantically digitizing and automating every aspect of their business operations, fostering the rise of companies like Zeni. The latest report from the McKinsey & Company claims that workplace circumstances over the past few years have enabled businesses to adopt and deploy various digital solutions all over the enterprise, which helps to accelerate the transformation of the businesses by almost three years. The report is based on surveys with more than 900 C-suite executives.
With a unified fusion of various human finance professionals and cutting-edge machine learning, artificial intelligence, and robotic process automation technology, Zeni is undertaking start-up risk and financial management, which ultimately results in a quick, streamlined, and simple way for start-ups to manage all their finances.
According to Swapnil Shinde, Zeni’s income increased by 550% yearly, while the clientele increased by 375 percent due to organic and referral growth.
Series B surprised the siblings despite the expansion. According to Swapnil Shinde, the firm was already “extremely well financed,” with the majority of the money from the last round still available.
On the other hand, Zeni started getting so many incoming questions that he declared it was too thrilling to pass up. Especially with the arrival of backer Elevation Capital. That was intriguing, according to Shinde, because the company “knows how to collaborate and develop unicorns” and invested in Paytm.
The additional cash will be utilized to speed up hiring, notably in the engineering, sales, and finance team verticals, and to continue scaling and expanding the accounting and bookkeeping activities. In the upcoming year, Shinde plans to increase or triple the financial staff’s size.
One of the founders stated that as their customer started scaling through Series B, they could use their solutions on a real-time basis to keep an eye on the finances, especially when a business or start-up has a more remote workforce and Zeni can fulfill it. Even the previous investors of Zeni stated that start-up companies found it difficult to outsource financial services, but Zeni, they have benefitted a lot.