(National/03-07-2024): Cross-border VC firm Dallas Venture Capital (DVC) leads ₹42 Crores ($5 M) Series A round in “enterprise spend management” platform ‘Dice’. The round also saw significant participation from GVFL (formerly Gujarat Venture Finance Limited).
Dice is a unique “spend management solution” that leverages AI to streamline and improve how enterprises consume B2B goods and services and manage enterprise spending. It offers a connected ecosystem to manage the spending incurred across different stakeholders and channels ranging from travel, reimbursements, and imprest, to procurement, accounts payable, and utility payments.
Gokul Dixit, Partner, Dallas Venture Capital, stated that “Dice offers a distinctive value proposition which uniquely leverages GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction freeing up significant working capital for an impressive array of partners and clientele.”
The funds raised will be strategically channeled towards a range of Go-To-Market (GTM) initiatives. These initiatives are designed to enhance market penetration, broaden customer outreach, optimize sales and marketing strategies, and enhance AI capabilities to improve user experience showcasing Dice’s unwavering commitment to growth and value creation.
“We were highly impressed by Dice’s founding team which has ensured high capital efficiency through razor-sharp execution. DVC is thrilled to collaborate with Dice, and we look forward to helping them accelerate their growth in India and the USA through the DVC Advantage program which leverages an extensive network of advisors and partners.”, added Dayakar Puskoor, Managing Partner, Dallas Venture Capital.
Prashant Singh Kushwah, Co-Founder and CEO of Dice, expressed his enthusiasm, saying, “We aim to democratize spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails. We are truly excited to have the support of Dallas Venture Capital and GVFL as we embark on this promising new chapter. This funding will empower us to expand our product offerings, grow rapidly in overseas markets, and deliver even more value to our clients.”
Sonam Khubchandani, Co-Founder and Head of Business Development at Dice explained her vision for the future, “We are working with India’s leading conglomerates to simplify the way spend management is approached in complex setups. With this funding, we are confident to set foot in overseas markets, starting with EMEA, and onboard more GTM partners that will work with us and help realize our vision.”
“Dice is addressing critical inefficiencies in corporate spending processes by leveraging AI in their horizontal no-code solution. With their rock solid GTM the company has also scaled and garnered various partnerships, building an impressive clientele. GVFL is pleased to announce their partnership with Dice, supporting them in their global expansion and journey ahead” said Kamal Bansal, Managing Director at GVFL.
The Series A round, inviting interest from several other VCs, was co-steered by Prakrit Advisors, who played a pivotal role in guiding the team through the fundraising process.