Total amount raised
$8 Millions
Latest funding date
12/1/2021
Location
TranZact has successfully raised $8 million over 2 funding rounds, with notable participation from investors like Kae Capital and Asish Mohapatra.
Keep reading to explore the intricacies of TranZact's fundraising journey and the investors backing this innovative platform.
What Is TranZact?
TranZact, founded on June 1, 2017, is based in Mumbai, Maharashtra, India. The company was established by Ritesh Kumar, Rohan Sen Sharma, and Sharad Sen Sharma.
TranZact aims to digitize Indian SMEs, particularly manufacturers and traders, by offering a comprehensive software solution that handles the complete Procure to Pay process. This digitization helps businesses streamline their operations, making them more efficient and cost-effective.
With a team of 11-50 employees, TranZact is dedicated to transforming how businesses transact by capturing real transaction data to build a scalable, transaction-backed marketplace.
How Much Funding Has TranZact Raised?
- Seed Round
- Amount Raised: $1,000,000
- Date: July 2017
- Lead Investors: Kae Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide the necessary capital for initial development and market entry, enabling the launch of their digitization software for SMEs.
- Series A Round
- Amount Raised: $7,000,000
- Date: December 2021
- Lead Investors: Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations, enhance product features, and expand market reach, aiming to onboard one million SMEs in the next year.
Total Amount Raised: $8,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Tribe Capital
- Details: Tribe Capital is a San Francisco-based venture capital firm known for its data-driven investment approach. They led TranZact's Series A funding round.
- Investment Focus Areas: Technology, SaaS, FinTech
- Notable Investments: Slack, Carta, Front
- Prime Venture Partners
- Details: Prime Venture Partners is an early-stage venture capital firm that participated in TranZact's Series A round. They focus on investing in technology startups with high growth potential.
- Investment Focus Areas: Technology, SaaS, FinTech
- Notable Investments: MyGate, Quizizz, HackerEarth
- Gemba Capital
- Details: Gemba Capital is a venture capital firm that invests in early-stage startups. They participated in TranZact's Series A funding round.
- Investment Focus Areas: Technology, SaaS, FinTech
- Notable Investments: Fynd, Finbox
- Kae Capital
- Details: Kae Capital is an existing investor in TranZact, having participated in both the Seed and Series A rounds. They focus on early-stage investments.
- Investment Focus Areas: Technology, HealthTech, FinTech
- Notable Investments: HealthifyMe, 1mg, Wysa
- Asish Mohapatra
- Details: Asish Mohapatra is a notable angel investor and co-founder of OfBusiness. He participated in TranZact's funding rounds.
- Investment Focus Areas: Technology, B2B, FinTech
- Notable Investments: Not publicly disclosed
What's Next for TranZact?
TranZact is poised to seize a significant opportunity by aiming to onboard one million SMEs within the next year. The global ERP software market, projected to reach $71.63 billion by 2026, offers a vast landscape for growth. By expanding their team and innovating their product, TranZact can tap into this burgeoning market, leveraging the increasing demand for digital transformation among SMEs.
Future fundraising rounds seem likely as TranZact scales its operations and seeks to enhance its offerings. However, challenges such as intense competition and the need to maintain software scalability and reliability loom large. Navigating these hurdles will be crucial for TranZact's sustained success.
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