ZenStatement, an AI-powered finance automation and cashflow management platform, has raised $1.62 million in its seed round led by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels.

The startup is also backed by a set of angels and business leaders including Michael Boyd (ex-Global Treasury Head, Apple), Chetan Venugopal (Founder, Pierien Services), Ankit Nagori (Founder, EatFit), Kulin Shah (Founder, Onsurity), Ankit Fatehpuria (Founder, Zetwerk), Sujayath and Navaneeth (Founders, Shop-up, Voonik).

The funding proceeds will be used to focus on increasing its product offerings and building a sales & marketing engine to expand its presence in India and international markets.

Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement (formerly known as SimpliFin) helps businesses easily monitor, optimize, reconcile, and forecast their cash flows while providing useful financial insights through AI-driven natural language queries.

In just 12 months of operation, ZenStatement claims to have built a customer base that includes unicorns and leading businesses in digital commerce, retail (F&B and others), and fintech and handles approximately 10 million transactions (around 60 million) per month.

Nolkha, CEO and cofounder of ZenStatement, “By automating the finance processes end-to-end, we help finance teams to be more productive and focus more on activities that drive more impact. We have seen great traction so far in India (and there are early offshoots in other developed markets) and looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals”.