Fyle, a Bengaluru –based intelligent expense management platform, received an additional $4.5m in venture capital funding from US-based hedge fund Steadview Capital. Along with the Series A funding round raised from Tiger Global and existing investors Pravega Ventures, Beenext, and Freshworks, the startup has raised a total of $10.5 Mn to date. Fyle plans to utilize the funds raised to invest in bolstering its expense and expand its product globally with additional sales and marketing investments.

The company was founded in 2016 by Yashwanth Madhusudan and Siva Narayanan. Its machine learning-
powered data extraction technology can extract data from any receipt automatically. This software is also
integrated with Google’s GSuite, Microsoft Outlook apps, and other productivity apps. Fyle is also adding a WhatsApp-centric feature that lets employees’ text receipts and automatically creates expense entries. The incorporation of Whatsapp is Fyle’s latest innovation in the field of business expense tracking and management. It also includes a first-of-its-kind data extraction engine that can identify and reproduce data from any kind of business receipt or invoice with a single click. It also detects irregularities in expense data to ensure compliance with corporate policies and limit losses arising due to wrong invoicing.

The company claims that its revenues have increased five times over the past five months while the team has grown three-fold. Over the years, it has on-boarded enterprise customers such as Edelweiss Tokio Insurance, Royal Enfield, Qubole, Freshworks, NinjaVan, Solar-Home, and Sumimoto Corp’s Sei-Innovation.