Lightspeed led $20 M Series B funding secured by SaaS management startup Zluri
SaaS company Zluri has secured $20 million in a Series B round that was led by Lightspeed and included existing investors Kalaari Capital, MassMutual Ventures, and Endiya Partners.
Since 2020, the SaaS company has raised $32 million in venture capital, including the most recent funding round. Additionally, a $10 million Series A round from January of last year is included.
According to a press release from the company, the additional funding will allow Zluri to step up its use of AI to transform identity governance and advance SaaS management for businesses. Additionally, the business will increase its footprint in both Europe and North America.
The enterprise SaaS management platform Zluri was created in 2020 by Ritish Puttaparthi, Sethu Meenakshisundaram, and Chaithanya Yembari to assist IT teams in managing, automating, and optimizing their SaaS applications from a dashboard.
Over 250 clients use Zluri currently, including Monday.com, Tipalti, Whoop, Catapult Sports, Razorpay, Smartnews, Amagi, Daxko, and others.
Zluri claims to have doubled its workforce since January 2022 and transformed into a multi-product company for enterprises and mid-market businesses.
Competition for the business includes Bettercloud, Torii, Omada, and Zylo.
Throughout FY21, Zluri remained in the pre-revenue phase. In FY22, it reported an operating income of Rs 5.83 lakh. Importantly, its interest income for the year was Rs 29.57 lakh, which is five times higher than its actual operating income.
In FY22, the company recorded a loss of Rs. 12.32 crore, according to its financial statement filed with the RoC. Although the company hasn’t yet submitted its FY23 financials, it anticipates 5X growth in FY23.
