- 71% of accounting professionals believe AI will bring substantial changes to the accounting industry.
- AI in the Accounting industry is expected to grow 30% year on year from 2023 to 2027.
- Febi.ai is doing the same – using AI to provide out-of-the-box, efficient solutions to age-old financial challenges.
What is Febi.ai?
In simple words, Febi.ai is an AI-driven accounting and bookkeeping platform that offers documentation management and tax compliance automation solutions.
Features it claims to offer:
Provides Real-time Insights to entrepreneurs and chartered accountants with actionable insights to facilitate informed decision-making.
Comprehensive Automation: The platform eliminates the need for manual data entry, reducing human errors. It automates key processes such as invoice verification, documentation management, and tax compliance.
User-Centric Design: Tailored solutions that cater to the unique needs of startups and SMEs, ensuring they can focus on growth rather than administrative burdens.
Team
Febi.ai was established in 2022, in Gurugram. The team includes experienced chartered accountants and tech experts.
Founders: The founding team comprises,
Amit Jindal: A chartered accountant and a CPA from the US. He worked at EY’s Merger & Acquisition and then co-founded Felix Advisory, which is a team of 350+ professionals.
Saurabh Jain: CA and previously worked at EY.
Rahul Bansal: CA and served as a Manager at Felix Advisory Private Limited
Ashu Goel: After a 17-year career in tech and finance with JP Morgan in Singapore, Ashu returned to India to help Febi.ai revolutionize accounting and finance with cutting-edge AI solutions!
Funding overview
They have successfully raised $2 million (approximately INR 16.8 crore) in its pre-Series A funding round. The funding was co-led by
- Lumis Partners, former JP Morgan executive Virender Rana
- Amit Chaudhary, Co-founder of Lenskart.
Additional Notable Investors:
- Padmaja Ruparel, Co-founder, Indian Angel Network
- Rohan Bhargava, Co-founder, Cashkaro
- Rajat Jain, Chairman, Fino Payments Bank
Funding utilization
The fresh capital will be strategically deployed to:
Enhance AI Efficiency: Strengthening the platform’s capabilities in automating accounting processes and tax compliance functions.
Customer Acquisition: Expand outreach efforts to onboard more clients, particularly startups and SMEs that need efficient financial solutions.
Increasing the team size to support the company’s growing operations and innovation efforts.
Investor insights
Sandeep Sinha, Partner at Lumis Partners: Commented on the critical role startups and MSMEs play in the Indian economy, stating that Febi.ai can alleviate financial management burdens, enabling businesses to prioritize their core operations.
Padmaja Ruparel: Emphasized Febi.ai’s potential to become an industry leader in financial management solutions, noting the platform’s innovative approach to helping businesses stay compliant and efficient.
Market context on AI
- 240 GenAI startups in India, according to a Nasscom report.
- Raised $440 Mn+ since 2019
- From Inc42 Data, the GenAI market is anticipated to soar, with projections suggesting it will surpass $17 billion by 2030.
- India is positioned as a key player in the global AI ecosystem
For all of these reasons, Febi.ai is well-positioned to capture a significant share of the accounting automation market, particularly among startups and SMEs looking to enhance efficiency while maintaining compliance.
As reported by Inc42, in Sept 2024 – jhana.ai, an AI-powered legal tech startup, secured $1.6 million in its inaugural funding round, led by Together Fund, the venture capital firm founded by Freshworks co-founder Girish Mathrubootham.
