ERP (Enterprise Resource Planning) SaaS startup TranZact raised $7 million in Series A led by Tribe Capital with participation from Prime Venture Partners, Gemba Capital and existing investor Kae Capital, where Suhail Sameer (BharatPe), Sriram Krishnan (Spotify), Devendra Rane (Paytm), Giridhar Malpani (Climber Capital) and Krishna Khandelwal (Locus.sh) also participated
Founded in 2017 by Ritesh Kumar, Sharad Sen Sharma, and Rohan Sen Sharma, TranZact’s ERP software helps SMEs automate and digitise their operations and make data-driven decisions to streamline purchase, inventory, sales and quotation management. The software works on a freemium model.
Claims to have onboarded 20,000+ SMEs across industrial, electrical, electronics, chemical and packaging sectors, also have helped these SMEs achieve a 20% increase in speed of document creation, 75% decrease in stock variance, and have saved two man-hours of senior management every day.
“Our vision is to build an intelligent layer on top of the SaaS platform to create a transaction-backed marketplace where SMEs can discover new customers, suppliers, finance partners, logistics partners and receive other value added services. ” said Ritesh Kumar, cofounder of TranZact.
“Presently, there aren’t great ways to identify, invoice or manage complex supply chains in India. TranZact is breaking a pattern of more archaic systems by providing the most complex supply chains in India with a better way to interface with each other,” said Luke Erickson, partner at Tribe Capital.