Mumbai-based fintech startup Fundly.ai has raised $3 million in a seed funding round led by Accel, with participation from Multiply Ventures and angel investors.
The startup said it will use the raised capital to develop new product offerings and expand its reach into untapped markets. It also plans to bring a more efficient and effective pharma supply chain technology to a larger demographic.
Founded in 2021 by Amit Chawla and Shreeram Ramanathan, Fundly.ai provides credit financing and other solutions to players in the pharma distribution tail, speciality players, and brands.
By disbursing money totaling Rs 140 crore, the startup claims to have served over 2,000 shops and more than 30 distributors across nine cities. It also claims to get roughly 55% of its business from Tamil Nadu, 30% to 35% from Maharashtra, and the rest from Andhra Pradesh.