Bangalore: Kolkata based business expenses manager, Happay raises Rs.3.1 crore ($500,000) from seed-stage VC firm AngelPrime. The company plans to utilize the fresh fund in product development, sales & marketing and hiring technical & sales team.
Incorporated in 2012 by IIT Kharagpur alumnus Anshul Rai and Varun Rathi, Happay offers customized prepaid cards that can help organizations to quit the dreary process of managing business expense claims by automating the process. It allows companies to replace manual business expense management process, which is a hefty and costly process by giving real time visibility.
Aiming to make expense management cashless and paperless by simplifying the end to end process from capturing of expenses and receipts, the three years old company had launched Happay Business Expense VISA card in joint venture with Ratnakar Bank. The purchase done from this card is auto-captured on the Happay platform and the employees can snap their receipts, expenses and maintain and submit reports.
AngelPrime is started in 2011 by Sanjay Swamy, Acharya and Bala Parthasarathy. Recently, it has invested $500k in Chennai based Internet of Things startup and Nimble Wireless Pvt. Ltd - a machine to machine technologies firm. Its portfolio includes a cloud telephony startup ZipDial which is acquired by Twitter, online marketplace for talent discovery and recruitment HackerEarth, mobile PoS firm Ezetap and local web marketing solutions startup Synup.