Actyv.ai, an enterprise Software-as-a-Service (SaaS) platform, has raised $5 million in a pre-Series A round from Dubai-based 1Digi Investment management firm, the family office of its global Chief Executive Officer (CEO), Raghunath Subramanian.
The Bangalore-based startup was founded in April 2019 by Raghunath Subramanian, Raghu Venkat and Ramkumar Thirumurthi.
Actyv.ai offers a platform for enterprises with the Buy Now Pay Later(BNPL) feature for B2B (business-to-business) transactions. With this fundraise, Actyv.ai plans to scale and expand globally.
“As Category creators, we know there is a tremendous opportunity to bridge the gaps prevalent in the supply chain ecosystem globally,” Raghunath said in an official statement. Raghunath was previously the Chairman India for New York Stock Exchange-listed software company UiPath.
“Our immediate focus now will be to onboard globally, top-tier talent across R&D, Product Management & Engineering, Sales & Marketing/Business Development and Corporate Development across India (Multi-location), Singapore, London, Dubai and Eastern Europe,” he added.
Actyv.ai solves complex business problems for enterprises by leveraging existing IT systems and allows small and medium businesses (SMBs) to access working capital instantly. The banks benefit with qualified SMB data on a platter to extend innovative B2B BNPL credit programmes.
“We have pioneered the B2B BNPL space in the closed loop ecosystem comprising Enterprises, SMBs and Financial Institutions. With artificial intelligence (AI) as the first citizen, Actyv.ai platform enables quick and efficient onboarding, comprehensive health assessment & scoring of SMBs," said Raghunath .
Large enterprises like Britannia, Nivea, Adani Wilmar already use Actyv.ai to make their supply chains more efficient.
These enterprises can use the startup's platform to look for platforms and appoint or onboard them digitally. During the onboarding process, Actyv.ai checks for errors and frauds in the partner’s documents and then analyses the data extracted to create the partner’s Financial Health Report and Actyv Score.
It also allows financial institutions like Kotak Mahindra Bank, Axis Bank and others to provide unsecured, low-interest, closed-loop credit (BNPL for B2B) for SMBs based on this score.
Edited by Anju Narayanan