Currently, companies worldwide are adopting SaaS applications as it is easy to buy the same. However, the real challenge is managing these applications as they involve a large volume of SaaS tools they adopt. Eventually, the IT spend on these tools increases, and these investments’ utilisation remains a challenge.
Series A investment!
Working on a mission to simplify the transition to SaaS, California-based Zluri, a comprehensive SaaS Management platform for IT teams, helps automate IT tasks, reduce SaaS risks, and save money. Now, the company has secured $10 million in a Series A funding round.
The latest investment round was led by MassMutual Ventures alongside participation from existing investors – Kalaari Capital and Endiya Partners. This round follows the $2 million investment that Zluri secured in a seed funding round back in January 2021. It plans to use the investment to continue its growth momentum and strengthen the capabilities of its product. Furthermore, Zluri will double down its teams in core markets such as Asia and North America.
Ritish Reddy, Co-Founder, Zluri, said, “We are thrilled to welcome Mass Mutual Ventures as our new partner through this Series A funding. Over the last 12 months, we have seen global adoption of SaaS Management Platforms increase at an accelerated pace. We will continue our investments to extend our lead in this space and the current round of funding will help us further accelerate our global growth and product innovation.”
Anvesh Ramineni, Managing Director at MassMutual Ventures, added, “Orchestrating SaaS applications in organisations and helping them maximise ROI on continually increasing SaaS spend is a large problem statement that requires significant operational effort from IT Teams. With an industry-leading SaaS Management Platform, Zluri is well-positioned to help enable this across enterprises. We are very excited to back Ritish, Sethu, Chaithanya and the Zluri team and look forward to supporting them on their vision of building global leader in this category.”
“SaaS adoption has grown exponentially amidst enterprise digitalization in the post-pandemic world across SE Asia, MENA, APAC regions creating a huge opportunity for SaaS Management Players. Zluri, with a Best-in-Class product, will definitely emerge as a category leader in the region as well as the global market and reach the pole position in the near future.” commented, Sateesh Andra, Managing Director at Endiya Partners.
“Ritish, Sethu and Chaithanya have shown stellar execution in one of the fastest growing sub-sectors in SaaS. They have a deep understanding of the problem faced by enterprises in managing their software spend and have a product first approach to solving the problem. I am very excited by the potential that Zluri has shown to be a leader in the SaaS Management Space.” said Vani Kola, Kalaari Capital.
Simplifies transition to SaaS
Zluri was founded in 2020 by Ritish Puttaparthi, Sethu Meenakshisundaram and Chaithanya Yembari who worked together at Knolskape have a deep and shared passion for building and scaling companies. Zluri wants companies of all sizes to accelerate innovation and derive real value from their subscription-based software stack without the hassles that come along.
The company wants to simplify the world’s transition to SaaS by helping companies adopt and operate an efficient software stack through a single intelligent dashboard.
Since its debut, the company has added over 100 new customers from North American and Asian markets in the past year. Its customers include large brands such as Chargebee, MoEngage, Guesty and Whatfix. Recently, Zluri was awarded G2 High Performer Winter 2022 and Most Recommended tool in the SaaS Management Platform category by Software Advice for 2021.
From a single dashboard, Zluri’s SaaS management platform for IT teams helps firms identify, manage and automate SaaS applications. The platform features the industry’s most comprehensive application discovery engine and the largest library of over 600 in-depth direct integrations. It gives automated visibility to SaaS apps, their usage, spends, contracts, renewals and more in a single dashboard by collating data from various sources via API integrations.
Zluri helps each customer read all expenses, map the expenses to apps, and keep track of departmental budgets and spends. Also, it reminds contract renewals and recurring payments on a timely basis. It also identifies authorised apps and sends insights to save money and get the most value out of the software stack.
Despite the pandemic, the company has witnessed a month-over-month growth rate of over 100 percent. As per the company, their rapid growth has been possible via product innovation and unparalleled customer support. Some of its rivals include New York-based Blissfully, Indiana-based Zylo and other SaaS management platforms.
