Spend management Dice startup secures $5M funding from Dallas Venture Capital

Dice, a platform that manages enterprise spending, has raised $5 million (Rs 42 crore) in its Series A funding round. The primary investment came from Dallas Venture Capital (DVC), with participation from venture capital fund GVFL (formerly Gujarat Venture Finance Limited). The funding aims to support Dice's growth initiatives, including expanding market presence, enhancing sales and marketing strategies, and advancing its artificial intelligence capabilities.

The recently acquired funds will be utilized for a range of go-to-market efforts, such as improving market penetration, expanding customer outreach, optimizing sales and marketing strategies, and enhancing its artificial intelligence (AI) capabilities, the company announced on Wednesday.

"DVC is helping us access opportunities in the US. For an Indian enterprise software company, expanding our software revenue base in the US and the Middle East is pivotal," explained Prashant Singh Kushwah, cofounder and CEO of Dice. He added that the DVC Advantage program is instrumental in providing essential connections and expertise to drive income generation in these markets.

Established in 2018, Dice is a platform designed for enterprises that combines corporate spend orchestration, digital commerce, and payments. Its range of corporate solutions comprises accounts payable, procurement management, subscription management, expense and travel administration, payment and budget management, and workflow control.

AI is used to analyze documents on the platform and improve business processes with advanced data analytics.

Dice reported that approximately 75 businesses are currently utilizing its platform, resulting in an annual recurring revenue (ARR) of $1.5 million by the conclusion of the previous fiscal year. Major enterprise clients of the company are Bajaj Electricals, Piramal Enterprises, and IDFC First Bank.

Dayakar Puskoor, DVC's managing partner, expressed excitement about partnering with Dice and expressed anticipation of assisting them in expanding their presence in India and the USA through the DVC Advantage program, which utilizes a vast network of advisors and partners.

This funding originates from the Dallas Venture Capital India Fund, which holds a total fund value of Rs 280 crore.

Competitors like Fleetcor, Coupa, Sage Group, and Tipalti are among the top global rivals of Dice.