Nexus leads Series A for Indian enterprise automation platform
Nexus Venture Partners has led an $18 million Series A round for Jiffy, an Indian software start-up that helps companies automate back-office processes.
Other investors that took part in the round include Rebright Partners, W250 Venture Fund, and several angel investors, according to a statement. The company is headquartered in Milpitas in the US with a development hub in Bengaluru in India. Its majority shareholder is the Paanini Foundation, a non-profit that seeks to upskill technology workers displaced by automation.
Jiffy was founded in 2018 by Babu Sivadasan, formerly an executive vice-president at Envestnet. Envestnet is a software developer that aggregates data and services for financial advisors.
Jiffy claims that its cloud-based service enables users without coding experience to automate back-office functions like onboarding, cancellation and refunds, invoice processing, and know-your-customer verification. Users can design their own robotic process automation-enabled algorithms using a drag-and-drop interface. These typically involve different types of document processing tasks. There is also an enterprise-wide analytics dashboard that helps them visualize progress.
In addition, the company is developing artificial intelligence and machine learning capabilities that interact with users to help them navigate and understand how to use web-based Jiffy portals. This includes bots that mimic natural human language.
Jiffy serves 20 large enterprise clients and claims they have achieved significant cost and time savings. The company has a 150-strong workforce and Sivadasan told TechCrunch it could look to expand its operations by opening new offices in the US, Europe, and Southeast Asia.
“Its core product makes complex process automation and an app development platform available to enterprises in just a few clicks. This is a major upgrade for enterprises built with legacy systems, which are dependent on manual entries and therefore tend to be slow and error-prone,” said Jishnu Bhattacharjee, a managing director at Nexus, in a blog post.
According to industry research firm Gartner, other companies offering similar robotic process automation solutions include Blue Prism, UiPath, Automation Anywhere, ArtWorks, and Pegasystems.
In India, Nexus has also invested in logistics service provider Delhivery, education platform Unacademy, cloud data protection firm Druva, grocery wholesale platform Jumbotail, and managed accommodation platform operator Zolo. Recently, it participated in a $150 million Series C round for Postman, a software development tool creator with operations in India and the US.
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