While almost every business function has been automated today, expense management hasn’t seen much innovation and has remained largely paper-based for a very long time. "Even today, in eight out of 10 organisations, expenses are reported and managed manually, using spreadsheets. A few enterprises have developed in-house softwares or bought softwares to manage business expenses — these are either too cumbersome to use or too expensive for small businesses and enterprises," said Varun Rathi, co-founder of Happay, a business expense management system.
Happay helps firms track expenses in real time using a tool that is integrated with mobile-enabled payments platform with set expense limits. Angel Prime, a seed stage venture capital, has invested half a million dollars so far in the start-up.
Founded by alumni of IIT-Kharagpur, Anshul Rai and Varun Rathi, Happay aims to deal with a pain point, that of expense management. Happay claims it doesn't have any competition in the Indian market. Considering India has over 48 million small and medium-sized enterprises and growing, we have a huge untapped market laid out for us, said Rai. Happay offers this solution as pay-as-you-use model, charging customers Rs 100 per subscriber.
Angel Prime, a seed stage venture capital, has invested half a million dollars so far in the payment start-up.
Amit Somani, Managing Partner, Angel Prime told Business Standard, "We made an investment of upto Rs 3 crore or $0.5 million as seed fund. We will stay invested for 8-10 years."