Pravega Ventures recently announced its investment in Fyle.in, an enterprise travel and expense management platform. We couldn’t be more excited to partner with a remarkable founding team in Yash and Shiva as they set out to build a world class product and company. We invested in Fyle when it was no more than an idea, as the team’s vision and background convinced us of their potential to build it into a great enterprise software company. I wanted to lay down what attracted us to Fyle as it gives an insight into how we invest at Pravega, and should help teams that approach us for funding.
- Exceptional founding team with the right skill set: The team came with a stellar reference from my long-time friend and Qubole co-founder Joydeep who had recruited both founders there. Siva had a long and illustrious career in building robust technology systems at companies like Greenplum and EMC. Yash, on the other hand had an extensive experience selling enterprise software in India and APAC at companies like Cisco, Capillary and later Qubole. Both are must-have skills in the founding teams building an enterprise software company.
- Clear product vision for changing enterprise landscape: From the first time we met the team, they communicated a very clear idea of the kind of product they wanted to build: a modern expense management product that works for the users rather than the other way around. Mention expense management software and most users are reminded of dreadfully boring task of copying information from receipts into a hard-to-use UI, attaching paper receipts, and the long turn around cycles as the accounts departments struggles to cope with the flow of paper. The Fyle team’s vision of one-click expense filing experience for users, API based integration with other softwares, and rich data insights for accountants (automated expense trends and exception monitoring, fraud/duplicate detection etc) resonated with our view of how enterprise software is evolving. Fyle offers its product free for small companies, so I’d encourage you to give it a try — you just need to install the Gmail/Outlook extension to see it in action.
- Market Opportunity: When we surveyed the employee expense management landscape, it was clear that this was a universal need for all companies once they cross 30–40 headcount. There are a couple of enterprise products like Concur and iExpense in the large enterprises in US, with very selective presence in India, and Expensify in the SMB space in US. Overall, this space has not seen too many new companies in last few years. The opportunity was clear: Fyle could start with the mid-to-large enterprise segment in India (and similar markets) that seems like a no-man’s land between SMB software and true enterprise products, and expand to US (and other developed markets) with an offering for SMB segment. Given the change in enterprise software stack and the user preferences, Fyle has a clear opportunity ahead of it.
So as Yash and Siva say, we Fyled this one for our portfolio :-)