Ex-Mensa Brands Controller’s startup raises $1.62M seed round

• ZenStatement is an AI-powered finance automation and cashflow management startup, Founded by Sourabh Nolkha, a CA, and Ankit Narsariaa an Engineer.
• The Bangalore-based budding startup has recently raised $1.62M in Seed Round funding. 
• In a conversation with The Finance Story, Sourabh estimates the market opportunity to be around $1 billion in India alone and $50 billion globally.

Who are the investors?

• Investment led by 3One4 Capital and Boldcap VC.
• Participation from Dynamis Ventures and Atrium Angels.
• Notable investors include Michael Boyd, former Global Treasury Head at Apple.

Industry veterans backing the startup:

• Chetan Venugopal, Founder of Pierien Services.
• Ankit Nagori, Founder of EatFit.

About ZenStatement

• ZenStatement was founded in 2023 by Sourabh Nolkha and Ankit Narsaria.
• Sourabh Nolkha is a Chartered Accountant with experience at Infosys, Deloitte, and Mensa Brands.
• Ankit Narsaria holds a B.Tech. in Information Technology and an MBA from the Indian Institute of Management, with experience at Wipro and JUSPAY.

Also read: Ex-Mensa Finance Controller On Giving Up A Fat Salary To Startup

What problem is the startup solving?

• Inundated with mundane tasks:
  In today’s fast-paced digital landscape, finance teams are overwhelmed with manual, repetitive tasks.
• Disconnected systems and outdated tools:
  Known as the ‘CFO Stack’, these systems are responsible for inefficiencies in finance operations.
• The reality of errors:
  A recent Gartner survey revealed that over 59% of business finance functions report multiple errors each month.
• Cost center dilemma:
  The traditional finance function has evolved into a cost center, leading to underfunding, mismanagement of cash flows, and poor financial decision-making across sectors and company sizes.

ZenStatement’s innovative approach aims to enhance operational efficiency and transform how finance teams operate in the digital age.

AI-powered natural language queries: The platform leverages AI to allow businesses to:

• Monitor, optimize, reconcile, and forecast their cash flows effortlessly.
• Provide valuable financial insights that improve decision-making.

Growth

In just 12 months, ZenStatement has garnered a diverse customer base, handling approximately 10 million transactions (around $60 million) monthly.

Their clientele includes,

• Unicorns and leading players in digital commerce
• Retail (food & beverage and more)
• Fintech

Also read: Rethinking career choices paid off: How this CA co-founded a gold loan fintech backed by The Manipal Group

How will the funding be utilized?

The motivation behind this fundraiser is to expand ZenStatement’s presence both in India and on international shores.

The recent seed funding will be used to,

• Catalyze further expansion of its product offerings
• Build a robust sales and marketing team

Co-founders

Sourabh Nolkha, CEO and Co-founder, announced the funding:

“By automating finance processes end-to-end, we empower finance teams to focus on high-impact activities.

We’ve seen tremendous traction in India and are excited to accelerate the digital transformation of finance functions, simplifying life for finance professionals.”

Ankit Narsaria, Co-founder and Chief Product Officer, shared his vision:

“With our investors’ support, we will enhance our offerings through the world’s first unified finance automation platform.
Our aim is to create a user-friendly solution that not only meets current needs but adapts to the future demands of the financial landscape.”