Fundly: Fintech firm Fundly.ai bags $3 million in seed funding

The pharma supply chain startup that services retailers and distributors also financially equips them to manage better cash flows and increase their margins. The company, currently present in southern and western Indian markets, wants to focus on growing in its existing markets, Fundly.ai founder Amit Chawla told ET.

Founded by Chawla and Shreeram Ramanathan, Fundly.ai is present across nine cities in India and has been bootstrapped since 2021. The duo worked at InCred through the years 2018 and 2019.

“With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic,” Chawla said.

Till date, the startup has serviced over 2,000 retailers and more than 30 distributors across nine cities by disbursing funds worth Rs 140 crore ($17.1 million). About 55% of the company’s business comes from Tamil Nadu, about 30-35% from Maharashtra and the rest from Andhra Pradesh, Chawla told ET.

Fundly.ai plans to deepen engagement with existing customers, expansion into new geographies, building technology and working on newer product offerings, it said in the statement.

Discover the stories of your interest

With financial serving as an entry point, Fundly.ai plans to bring product innovations to retailers, distributors and other stakeholders together, Accel investor Sarthak Singh said. “Amit and Shree bring a wealth of experience from their deep lending background. Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” Singh added.

The pharma supply chain startup that services retailers and distributors also financially equips them to manage better cash flows and increase their margins. The company, currently present in southern and western Indian markets, wants to focus on growing in its existing markets, Fundly.ai founder Amit Chawla told ET.

Founded by Chawla and Shreeram Ramanathan, Fundly.ai is present across nine cities in India and has been bootstrapped since 2021. The duo worked at InCred through the years 2018 and 2019.

“With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic,” Chawla said.

Till date, the startup has serviced over 2,000 retailers and more than 30 distributors across nine cities by disbursing funds worth Rs 140 crore ($17.1 million). About 55% of the company’s business comes from Tamil Nadu, about 30-35% from Maharashtra and the rest from Andhra Pradesh, Chawla told ET.

Fundly.ai plans to deepen engagement with existing customers, expansion into new geographies, building technology and working on newer product offerings, it said in the statement.

Discover the stories of your interest

With financial serving as an entry point, Fundly.ai plans to bring product innovations to retailers, distributors and other stakeholders together, Accel investor Sarthak Singh said. “Amit and Shree bring a wealth of experience from their deep lending background. Leveraging this experience, they have been able to identify the gaps and opportunities that exist in the pharma supply chain,” Singh added.