Sumeru Enterprise reportedly closes $900k financing round

India-based Sumeru Enterprise Tiger Business Solutions has reportedly closed a $900,000 funding round.

The investment comes from a group of leading angels within the US and India, according to VCCircle which cites a top company executive.

Sumeru Enterprise provides enterprises with a range of technology solutions, such as software framework, digital interfaces, front office workflows and process automation, among others. While this system can be implemented by a range of businesses, the company has created specialised solutions for banking and non-banking financial institutions, micro finance institutions, insurance companies, brokerage firms and telecom companies.

One of the offerings is ENCollect, which allows a client to digitise payments and debt collections processes.

The capital will be used to support product and technology growth, which includes new features, cloud version, new platform updates, third-party integrations and chatbots, among others, the article states.

This new line of equity financing comes after the company received a $1m in angel funding, to help support its global distribution, the article reports.

Last week saw a couple of other India-based companies close deals with Fisdom netting $4m in its Series B round, and Kissht scoring $10m from Fosun International.

The Indian FinTech sector is dominated by three areas, with WealthTech, Payments and marketplace lending accounting for almost three quarters of the countries funding.

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