Pazy Secures Rs 6 Crore in Pre-Seed Funding to Revolutionise Business Payments
Pazy, a Bengaluru-based integrated business-payments platform designed for finance teams, has successfully secured Rs 6 crore (approximately $720K) in a pre-seed funding round spearheaded by Inuka Capital, with additional contributions from Gemba Capital. The funds will be allocated to enhance product functionalities, strengthen ecosystem integrations, and aim for a ₹10,000 crore annual spend under management within the next year, as stated by Pazy in an official announcement.
Transforming Non-Payroll Payments
Founded in 2023 by Pratik Chhajed and Devyanshu Shukla, Pazy is focused on revolutionising how businesses handle their non-payroll payments, which encompass vendor payouts, reimbursements, and tax-related transactions, all within a unified platform. This innovative platform amalgamates these three essential segments, allowing finance teams to process invoices more swiftly, recover additional input tax credits, and eradicate human errors that could disrupt financial operations.
A Trusted Partner Across Industries
Pazy has gained the trust of leading enterprises across various sectors such as BFSI, media, retail, and manufacturing. Each month, the platform facilitates payments worth hundreds of crores for clients including Plum Insurance, WhiteGold, Keka, Fibe, and Sprinto, among others.
Vision for the Future
Pratik Chhajed, Co-Founder and CEO of Pazy, expressed the company’s vision, stating that the goal is to create a ‘gravity product’ that flawlessly integrates all business transactions. The ambition is to evolve into the singular operating system for clients’ financial operations, fostering greater clarity, control, and efficiency, while reducing manual efforts and potential errors. The pre-seed funding will expedite efforts to manage an annual spend of INR 10,000 crore over the next 12 months.
Enhanced Efficiency for Finance Teams
Pazy asserts that finance teams utilising its platform are able to close books 10 times faster, reclaim up to 7% more in input tax credits, and obtain real-time visibility into every rupee spent.