How Much Did Dice Raise? Funding & Key Investors

Dice has successfully raised ₹420,000,000 in a Series A funding round, attracting investment from Dallas Venture Capital and other notable investors. The platform is redefining SaaS to "Spending as a Service," offering a comprehensive spend management ecosystem for corporates and enterprises.

Keep reading to explore the intricacies of Dice's fundraising journey and the investors backing this innovative platform.

What Is Dice?

Founded on January 12, 2018, Dice is headquartered in Pune, Maharashtra, India. The company was established by Lakshay Jain and Prashant Kushwah.

Dice specializes in corporate spend orchestration, digital commerce, and payments platforms for enterprises. It aims to simplify spend management through no-code workflows, compliance rules, audit engines, and integration studios.

With a team of 101-250 employees, Dice is redefining SaaS to "Spending as a Service," offering a comprehensive spend management ecosystem for corporates and enterprises.

How Much Funding Has Dice Raised?

1. Seed Round
   • Amount Raised: ₹3M
   • Date: April 2020
   • Lead Investors: IIT Mandi Catalyst
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial product and establish a market presence.
2. Series A
   • Amount Raised: ₹420M
   • Date: July 2024
   • Lead Investors: Dallas Venture Capital, GVFL
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support go-to-market strategies, expand market reach, improve customer engagement, and develop AI capabilities.

Total amount raised: ₹423M. Current valuation: Not publicly disclosed.

Key Investors

• Dallas Venture Capital
  • Details: Co-founded by Dayakar Puskoor and Abidali Neemuchwala, Dallas Venture Capital (DVC) is a prominent venture capital firm. Dayakar Puskoor is a seasoned investor with a track record of over 25 investments and 9 exits, while Abidali Neemuchwala is the former CEO of Wipro Ltd.
  • Investment Focus Areas: Technology, SaaS, AI.
  • Notable Investments: Not publicly disclosed.
• GVFL
  • Details: GVFL, also known as Gujarat Venture Finance Limited, is one of the oldest venture capital firms in India. It has been instrumental in funding early-stage companies across various sectors.
  • Investment Focus Areas: Healthcare, IT, Clean Energy.
  • Notable Investments: Not publicly disclosed.
• IIT Mandi Catalyst
  • Details: IIT Mandi Catalyst is an incubator and early-stage investor affiliated with the Indian Institute of Technology Mandi. It focuses on nurturing startups with innovative solutions.
  • Investment Focus Areas: Technology, Healthcare, Education.
  • Notable Investments: Not publicly disclosed.

What's Next for Dice?

Dice is poised to seize significant opportunities by expanding into the EMEA region, leveraging its AI capabilities to enhance user experience, and improving customer engagement through strategic go-to-market initiatives. The recent ₹42 crore funding round from Dallas Venture Capital and GVFL underscores the potential for further growth and market penetration.

Future fundraising efforts are likely, given the successful Series-A round and the strategic backing from prominent investors. However, Dice will need to navigate the complexities of international market entry and ensure the seamless integration of AI technologies to maintain its competitive edge in the rapidly evolving spend management industry.

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