Dallas Venture Capital (DVC) has led a ₹42 crores (about $5 million) Series A-funding round in the AI-based enterprise spend management platform Dice. GVFL also participated significantly in the round.
Dice said it would use the proceeds to primarily support Dice’s go-to-market strategies aimed at expanding market reach and improving customer engagement. Part of the proceeds would also go into developing AI capabilities for an improved user experience.
Dice offers a spend management solution to optimise how businesses manage and control their business-to-business expenditures, covering expenses across various areas including travel, reimbursements, and procurement.
Dice’s Co-Founder and CEO Prashant Singh Kushwah said that the funding would help the start-up expand its product offerings, and grow rapidly in the overseas markets.
Diversification
“We are working with leading companies 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 (Europe, Middle East and Africa),” Sonam Khubchandani, Co-Founder and Head of Business Development, of Dice, said.
DVC is co-founded by Dayakar Puskoor, a pioneering Dallas-based venture capitalist with a record of investments in 25+ companies and 9 exits to date, and Abidali Neemuchwala, the former CEO of Wipro Ltd.
“We will help Dice accelerate their growth in India and the USA through the DVC Advantage programme through its network of advisors and partners,” Dayakar Puskoor, Co-Founder and Managing Partner of Dallas Venture Capital, said.
The India fund of DVC made an aggregate investment of ₹75 crore so far.