As companies struggle to find ways to control costs in today’s economy, understanding what you’re spending on SaaS tools is paramount. That’s just what Quolum’s early-stage startup is seeking to do, so it reported a $2.75 million seed round today.
Surge (Sequoia Capital India division) and Nexus Venture Partners led the round with the help of a dozen undisclosed angel investors.
Company founder Indus Khaitan says that he launched the company last summer before COVID, recognizing that companies had spent tons of money on SaaS subscriptions and that he wanted to build a product that would give greater visibility to that expenditure.
Eventually, he says he also wants to give the data directly to business lines, but he’s focusing on finance for the first time. The product works by connecting to the billing or expense software to provide insight into the costs of the services. It takes the data and combines it with the consumption data in a dashboard to provide a single view of SaaS spending in one location.
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Although Khaitan admits that there are other related solutions on the market, such as Blissfully, Intello, and others, he claims that the challenge is large enough for several vendors to do well. “Our differentiator is end-to-end.
We’re not just looking at dollars, or stopping at how many times you’ve logged in, but we’re going deep into consumption. So, for every dollar you pay, how many units of the program you use, “he said.
He says he raised the money last fall and admits that it would probably have been tougher today and that he would probably have raised it to a lower valuation.
When it comes to building a diverse company, he points out that he is an immigrant founder, and he sees the ability to work from anywhere, an idea amplified by COVID-19, helping to create a more diverse workforce. As he builds his company and adds employees, he can hire people all over the world, no matter where they are located.
Conclusion:
Today, the company consists of a six-person engineering team in Bangalore, India, and Khaitan, USA. After the company earns some income, a few employees will be employed to assist with marketing, distribution, and engineering.
