Bluecopa Pockets Funding To Boost AI-Powered FinOps Automation
by Krithika K L · Inc42SUMMARY
- Bluecopa, an AI-powered finance operations automation startup, secured $1.8 million in a Pre-Series A funding round from Blume Ventures, Dallas Venture Capital, and Venture Catalysts.
- The Hyderabad-based company plans to use the funding to enhance its AI tools for better forecasting and to develop new software features to streamline finance operations.
- Bluecopa's platform serves major industries like ecommerce and financial services, and is expanding its customer base with notable clients such as Yatra and Diversey.
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AI-powered finance operations automation startup Bluecopa has raised $1.8 Mn (INR 14.9 Cr) in a Pre-Series A funding round from Blume Ventures, Dallas Venture Capital and Venture Catalysts.
With the fresh infusion, the Hyderabad-based company seeks to further boost its AI tools to help finance teams with a better visibility on future trends. Apart from this, the proceeds will also be deployed for building new software features.
Founded in 2021 by Satya Prakash Buddhavarapu, Raghavendra Reddy, and Nilotpal Chanda, Bluecopa offers a cloud-native platform that leverages AI to provide a unified solution for finance teams, streamlining operations and improving efficiency.
“FinOps automation is a massive opportunity globally. We are excited to partner with some of the leading VCs to drive Bluecopa’s growth. This funding will fuel our mission to deliver exceptional value to our customers,” said Buddhavarapu.
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The startup’s solution caters to finance leaders from major industries like ecommerce, financial services, travel, logistics, and gaming. It claims to have added several prominent customers in the last 12 months, including Yatra, Diversey, and Eka Care.
In 2022, Bluecopa raised $2.3 Mn in a seed funding round led by Blume Ventures, with participation from Titan Capital, Speciale Invest, and Bharat Founders Fund.
The global FinOps market, valued at over $40 Bn, is projected to grow at a CAGR of 14.2% from 2024 to 2032 according to Global Market Insights report. This growth is mirrored in India, where 58% of finance functions globally are using AI technology in 2024, up 21% from 2023.
Bluecopa works in the same space as Tally Solutions, Zoho Finance Plus, Razorpay, and Clear in the fintech and finance automation sector. In the competitive landscape, Tally Solutions expects 30-40% revenue growth for FY25 and plans expansion in the Middle East, Southeast Asia, and Africa.
In March 2024, Razorpay reported an annualised total payment volume of $150 Bn, with its co-founders joining the Hurun Rich List 2024. The company is planning to shift its headquarters from the US to India by the end of 2024, aligning with its IPO plans for the next two years.