Actyv.ai has raised $7 million more as part of its pre-series A funding round from the Dubai-based 1Digi Investment management firm. It is the family office of Raghunath Subramanian, its global CEO, the company said in a statement.
With this, it has now received a total of $12 million from 1Digi Ventures. In February 2022, this SaaS-based startup has raised $5 million.
According to Actyv.ai, the additional funding will support talent acquisition, product improvement, global expansion, and portfolio growth.
Actyv.ai is an enterprise SaaS platform driven by AI that includes insurance and business-to-business BNPL. The startup asserted that in December, its BNPL throughput was $100 million.
It further added that “The company has partnered with more than 20 leading financial institutions enabling embedded BNPL. Over 25,000 distributors and one lakh retailers have been onboarded on the platform.”
Mr. Raghunath said, “We now have a proven track record of achieving milestones in product development, business growth, and attracting talent. Our AI-powered SaaS platform with its embedded offerings drives substantial operational efficiencies and growth to the entire supply chain ecosystem. This additional infusion of funds validates our being category creators in this space and the conviction to augment our platform’s capabilities.”
Actyv Score, Actyv Go, Actyv Discover, Actyv Insure, Actyv PayLater, and Actyv Invest are some of the company’s offerings.
The funding comes at a time when entrepreneurs are enduring a financial crisis that has led to widespread layoffs in several industries.
Most Indian SaaS-based company founders, who are used to guiding their companies through 30–40% topline growth, may face their first challenge in 2023 due to an anticipated slowdown, according to a report.