TranZact, a SME-focused SaaS firm, has raised $7 million in Series A funding from Tribe Capital, with Prime Venture Partners, Gemba Capital, and Kae Capital also participating.
Other angel investors who participated in this round included Suhail Sameer of BharatPe, Sriram Krishnan of Ex-Spotify/Tinder, Zetwerk co-founders, OfBusiness co-founders, Devendra Rane of Paytm, Giridhar Malpani of Climber Capital, and Krishna Khandelwal of Locus.sh.
TranZact, a company founded by Ritesh Kumar, Sharad Sen Sharma, and Rohan Sen Sharma, assists Indian SMEs in digitising and automating their complete business operations, from client inquiry through dispatch. This financing will aid TranZact in realising its goal of enrolling 1 million SMEs in the next 12 months. TranZact also intends to hire more employees and expand its staff across all departments.
Commenting on the fundraise, Ritesh Kumar, co-founder of TranZact said, “With the government pushing to get ‘Vocal for Local’, businesses are looking to modernise their operations for better customer experience and more robust bottom-line growth. Our vision is to build an intelligent layer on top of the SaaS platform to create a transaction-backed marketplace where SMEs can discover new customers, suppliers, finance partners, logistics partners and receive other value-added services.”