Enterprise spend management platform Dice has successfully raised $5 million (approximately INR 42 crore) in a Series A funding round led by Dallas Venture Capital (DVC). The round also included participation from GVFL (formerly Gujarat Venture Finance Limited).
Strategic Use of Funds
The fresh capital injection will fuel various go-to-market strategies, aiming to enhance market penetration, broaden customer outreach, and optimize sales and marketing efforts. Additionally, Dice plans to bolster its artificial intelligence (AI) capabilities, which are integral to its platform’s advanced data analytics and process automation features.
Expanding Horizons
“DVC is instrumental in helping us expand into the US and Middle Eastern markets. Their DVC Advantage program provides us with vital connections and resources to drive revenue growth in these regions,” said Prashant Singh Kushwah, co-founder and CEO of Dice.
Founded in 2018, Dice offers a comprehensive suite of enterprise products, including accounts payable, procurement management, subscription management, expense and travel administration, payment and budget management, and workflow control. The platform leverages AI to read and analyze documents, automating and enhancing various enterprise processes.
Growing Client Base and Revenue
Dice currently serves around 75 enterprises, achieving an annual recurring revenue (ARR) of $1.5 million by the end of the last financial year. Notable clients include Bajaj Electricals, Piramal Enterprises, and IDFC First Bank.
“We are excited to collaborate with Dice and help accelerate their growth in both India and the USA through our DVC Advantage program, which leverages a vast network of advisors and partners,” said Dayakar Puskoor, managing partner at DVC.
This investment is part of the Dallas Venture Capital India Fund, which has a total corpus of INR 280 crore. Global competitors for Dice include Fleetcor, Coupa, Sage Group, and Tipalti.
- What are your thoughts on Dice’s strategy to expand into the US and Middle Eastern markets?
- How do you think AI capabilities will impact the enterprise spend management industry?
- What are the key factors that attract you to invest in or use enterprise spend management platforms like Dice?
- How significant do you think Dice’s recent funding round will be in enhancing its market position against global competitors?
