Febi.ai, an AI-powered bookkeeping platform has raised $2 million in its pre-Series A funding from Lumis Partners, Virender Rana (JP Morgan, Ex-Managing Director-Payments), Amit Chaudhary (Co-founder – Lenskart), Padmaja Ruparel (Co-founder – IAN), Rohan Bhargava (Co-founder—Cashkaro), Rajat Jain (Chairman Fino Payments Bank) and other notable investors.
The fresh funds will be used to further advance its artificial intelligence capabilities to automate accounting and tax compliance platforms, ramp up customer acquisition and expand its workforce.
Amit Jindal, CEO, said, “It’s been built by the Chartered Accountant community and will empower entrepreneurs and the CA community with real-time insights and effective ways to manage accounting and tax compliance functions.”
Sandeep Sinha, Partner at Lumis Partners, said, “Startups and MSMEs are the heart of the Indian economy. While handling business operations in competitive industries, taking care of finance and staying tax compliant can be a lot to manage for them. I believe Febi.ai can transform this as it takes the burden from their shoulders so they focus on high-priority work.”
Padmaja Ruparel, Co-founder of Indian Angel Network, said, “Febi.ai is an innovative software and has the full potential to be the industry leader in its space. As someone who has connected so closely with the Indian entrepreneurial ecosystem, it’s a great platform for businesses trying to stay on top of their tax compliance and financial management.”
Amit Chaudhary, Co-founder of Lenskart, said, “When entrepreneurs are building their business, investing time in doing accounting and finance is the last thing they want. Febi.ai helps them reduce manual work and use their time better.”
Co-founded in 2022 by Amit Jindal, Saurabh Jain, Ashu Goel, and Rahul Bansal, Febi.ai is an AI-powered accounting and tax management platform. Febi.ai stands for Founders Entrepreneur Books Innovation.
Febi.ai leverages AI technology to eliminate manual data entry errors while performing accounting, and verification of invoices. It also automates documentation management and tax compliance.
