Chennai and San Francisco-based accounts receivable (AR) automation startup Growfin has raised $7.5 million in a Series A funding round led by SWC Global, with participation from existing investors 3one4 Capital and angel investors.
Prior to the current round, the startup raised $1.4 million in a seed funding round in March 2022 from 3one4 Capital. So far, it has raised around $8.9 million in its funding rounds.
It intends to use the raised capital for its technology stack and expand its product offerings this year and evolve into an “all-in-one integrated cash solution”, and improve its product’s predictive artificial intelligence (AI) capabilities.
Founded in 2020 by ex-Freshworks alumni Raja Jayaraman and Aravind Gopalan, Growfin is an accounts receivable automation software that helps enterprises accelerate cash collections and makes cash flows more predictable by giving real-time visibility into receivables.
The startup claims to have seen 8X growth in number of customers in the last 12 months, and has collected $1 billion in account receivables.
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