IBSFINtech seed funding from Shailesh Haribhakti. IBSFINtech gets growth funding of $2-4 million for product research and development. IBSFINtech, an integrated treasury management fintech startup, has raised undisclosed seed funding from Shailesh Haribhakti, chairman of Haribhakti & Co, one of India’s top risk advisory, auditing and tax consultancy firms.
The startup, founded by Vijaya Bank veterans Chandra Mohan Grover and TM Manjunath, is also in initial stages of discussions to raise $2-4 million more. It plans to use the funds to scale up operations globally and for product research and development. One of the reasons IBSFINtech is bullish about its prospects in this segment is due to under penetration of technology.
Excel sheets and archaic systems still rule treasury systems of multi-billion dollar corporates, said Grover. He went on to add that some companies have $10 billion in forex exposures which are managed by Excel, he added. It was earlier reported that IBSFINtech, which makes software to manage corporate treasury, was planning to raise $10 million.
The startup, co-founded by technopreneurs Chandra Mohan Grover and TM Manjunath, both Vijaya Bank veterans, manages $20-billion treasury market transactions in India for its clients including The Times Group, the publisher of this newspaper. The company claims to manage multi-billion treasury market transactions in India for its clients including The Times Group, Future Group, Snapdeal and Maruti Suzuki among others.