finance automation startup ZenStatement raises $1.62 million in a seed round

ZenStatement, a finance automation and cash flow management startup, has raised $1.62 million in a seed funding round led by Bengaluru-based venture capital firm 3One4 Capital and early-stage SaaS investor Boldcap VC.

Other participants in the round included Dynamis Ventures and Atrium Angels.

The startup plans to use the raised capital to expand its product offerings and enhance its sales and marketing efforts in both India and international markets.

What does ZenStatement do?

Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement—previously known as SimpliFin—offers AI-powered financial analytics and cash flow management solutions to enterprises handling high transaction volumes and multiple sales channels. 

The platform aims to assist enterprises by enabling them to monitor, optimise, reconcile, and forecast cash flows while providing financial insights through AI-driven natural language queries.

The startup is focused on expanding its product line, which already includes receivable management solutions, and introducing new features such as payable management and cash flow forecasting.

It is positioning itself to automate financial processes for enterprises, enabling finance teams to work more efficiently. 

According to CEO Sourabh Nolkha, "By automating finance processes end-to-end, we help finance teams be more productive and focus on activities that drive more impact."

"We have seen great traction so far in India (and there are early offshoots in other developed markets) and looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals,” Nolkha added.

Backing from angel investors

ZenStatement is backed by several angel investors, including Michael Boyd, former global treasury head at Apple, and several founders of successful ventures such as Chetan Venugopal (Pierien Services), Ankit Nagori (Curefoods), Kulin Shah (Onsurity), and Ankit Fatehpuria (Zetwerk). 

Revenue leakages and reconciliation

The platform offers a comprehensive set of tools for managing cash flow processes, including reconciliation, chargeback management, and dispute resolution. One of ZenStatement’s key value propositions is its ability to help businesses identify and address revenue leakages, a persistent issue for enterprises with complex transaction systems.

Sonal Saldanha, Vice President of Investments at 3One4 Capital, pointed out, "Reconciliation is a surprisingly hard problem to solve, and businesses often resort to brittle solutions due to the lack of viable alternatives. ZenStatement provides a robust solution that can serve as a starting point for tackling this problem."