Business

Hyderabad startup Bluecopa raises $2.3 million

The Hyderabad-based finance operations automation platform Bluecopa has raised $2.3 million.

A seed round, it was led by Blume Ventures with participation of Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify and Force Ventures.

The capital will be used to enhance capabilities, hire talent and grow the company’s consumer base, Bluecopa said in a release on the fund raise. Founders of well known startups Krish Subramanian and Rajaraman Santhanam (Chargebee); Rohit Chennamaneni (Darwinbox); and Asad Khan and Jay Singh (Lambdatest) also joined the round.

Bluecopa, located in technology startup incubator T-Hub here, was founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu and Nilotpal Chanda. The automation platform is for finance teams in high-growth companies and assists CFOs and finance leaders get a real-time view of all the business KPIs, get actionable insights and provide strategic direction to business leaders.

It also manages day-to-day finance operations such as business planning, scenario modelling, variance analysis, intelligent alerts and reconciliation. The market for finance operations automation solutions is a $20 billion opportunity globally, the startup said, citing estimates.

The founders are a second-time entrepreneurial team with experience in building products and scaling companies in fin-tech, ERP, AI and data-engineering domains. Mr. Buddhavarapu’s first startup Tuplejump was a Machine Learning platform and acquired by Apple in 2016.

Anirvan Chowdhury of Blume Ventures said “we really loved Bluecopa’s data-infra-focused approach to solving this critical problem for finance teams, which will be their key differentiator.”

T-Hub in a release said besides the support through T-Fund, Bluecopa will be provided assistance on market entry and go-to-market strategy efforts. The startup will also gain access to T-Hub’s innovation ecosystem to engage with potential clients, corporate and investor connections. “We believe Bluecopa has an incredible opportunity to transform the fintech landscape with its powerful automation solution,” T-Hub CEO M.Srinivas Rao said.

Primarily a co-investment fund, T-Fund invests alongside established angels investors, angel networks and venture capitalists. As investment manager, T-Hub formulates investment and business development strategies for the fund.


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Printable version | Aug 3, 2022 12:54:14 pm | https://www.thehindu.com/business/hyderabad-startup-bluecopa-raises-23-million/article65720189.ece