Tech startup TranZact has raised $7 million in Series A funding. The funding was led by SF-based Tribe Capital with participation from Prime Venture Partners, Gemba Capital and existing investor Kae Capital.
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Several noted angel investors also participated in TranZact that include Suhail Sameer, BharatPe; Sriram Krishnan, Ex Spotify/Tinder, Zetwerk Co-Founders, OfBusiness Co-founders, Devendra Rane – Paytm, Giridhar Malpani – Climber Capital, and Krishna Khandelwal – Locus.sh.
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The startup will use the fresh capital for product innovations that bring simplicity, leverage evolving technology, and harness the power of data to help SMEs grow better. TranZact also plans to invest in new talent and expand its team across all functions, while also accelerating its product-led growth vision of onboarding over 1 million SMEs in the next 12 months.
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Founded by Ritesh Kumar, Sharad Sen Sharma and Rohan Sen Sharma, TranZact is offering a SaaS-based digital transformation tool for SMEs, helping them to digitize and automate their entire business operations—from customer inquiry to dispatch. TranZact helps SMEs make data driven decisions for key business operations and focus on growth by streamlining inventory, purchase, sales and quotation management processes in a hassle-free and user-friendly manner. The software is free to sign up and gets implemented within five working days with a 24/7 customer support team to handle any issues.
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Since its inception in 2017, TranZact has on-boarded more than 20,000 SMEs across industrial, electrical, and electronics, chemical, and packaging sectors. These SMEs have seen a 20% increase in the speed of document creation, 75% decrease in stock variance and the senior management are saving more than 2h every day in regular operations. Over 80,000 monthly GST documents have been created and TranZact is recording monthly transactions worth over $150 million.
