Banking software startup Sumeru raises investments

By Raaghav G R

Posted on November 16, 2017

Sumeru Enterprise Tiger Business Solutions Pvt. Ltd. is a Bengaluru – based banking software startup. The startup announced yesterday (15/11/2017) that it has raised US $900,000 (Rs. 5.9 crores) in seed round of funding from a group of high net worth individuals (HNIs) based in US as well as in India. Read more on Investments

“We will use the funds for product and technology development including new features, cloud version, new platform upgrades, third-party service integrations and chatbots, among other innovations. We have a strong product roadmap for the next two years”, Yadav said.

Sumeru Enterprise Tiger Business Solutions Pvt. Ltd. was founded in March 2016 by IIT Mumbai alumni, Harish Ramachandran and Rajesh Krishnamurthy. Sumeru offers mobile phone software platforms for retail banks, non-banking financial companies and insurers. Sumeru Enterprise is the child company of Sumeru Global, a software products and mobile apps maker. Sumeru offers flexible licensing structures to its clients where clients can opt for a standard enterprise (permanent) licence, a pay-as-you-go licence (alias per user – per month) or transaction-based pricing for the license. Besides banking software, the startup also offers value-added services through support teams based out of Bangalore and Mumbai. Sumeru is headquartered in Bengaluru but has a presence in Southeast Asia, the Middle East, South America and Africa.

The other banking startups that managed to raise funding this year (2017) include the banking startup Fisdom in which Quona Capital invested Rs. 25 crores in Series B round of funding. The fintech startup, Kissht, raised Rs. 13 crores in Series A round of funding from Endiya Partners and Ventureast during June, this year (2017). The fintech startup, RedCarpet, raised US $2.5 million in seed round of funding from Light Speed Ventures Partners during March, this year (2017). The online banking startup, Capital Float raised Rs. 17 crores in Series A round of funding from IFMR Capital Finance during February, this year (2017) just to name a few. Read more on Startup News

Banking software startup Sumeru raises investments