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2015-04-23

AngelPrime invests $500,000 in disruptive payment start-up happay

AngelPrime is an early-stage fund in India focused on start-ups with disruptive ideas.

AngelPrime, a seed-stage Venture Capital Fund based in Bangalore has announced an investment of $500,000 in happay, a Bangalore-based start-up disrupting business expense management. happay will use this funding in product development, sales & marketing and hiring new talent to facilitate faster growth.

“In partnership with the RBL (Ratnakar Bank), happay recently launched the “happay Business Expense VISA Card”. happay is an innovative and first-of-its-kind payments solution which makes expense management cashless, paperless and mobile,” said the official release of AngelPrime.

The happay solution sports several disruptive capabilities such as on/off control, channel-specific limits, organizational hierarchy based rules and approvals, as well as direct integration into ERP software like Tally, SAP, Quickbooks and others. happay’s new age, cloud and mobile-based expense management solution with monitoring and tracking capabilities gives real-time visibility and tighter control over business and employee spends. The three most common use cases for happay are (1) Travel & Expenses, (2) Office Administration, Procurement & Petty Cash and (3) Employee/partner disbursements.

AngelPrime is an early-stage fund in India focused on start-ups with disruptive ideas that are looking to redefine certain market segments in India and globally. The partners at AngelPrime – Sanjay Swamy, Shripati Acharya, Bala Parthasarathy and Amit Somani - are all serial entrepreneurs with strong relationships in the Silicon Valley ecosystem.

Anshul Rai, CEO & co-founder, happay, said, "At happay, we are committed to bringing all business spends under one integrated platform - with a singular focus on customer delight. Working closely with AngelPrime has helped us with the capital and the advice to create a well thought out solution - one that has been very well received in the market."

Sanjay Swamy, Managing Partner, AngelPrime, "Attitude and laser-focus on solving one major pain point for a large set of users is what we look for in entrepreneurs. From our first meeting with Anshul & Varun, it was clear they were solving a problem that all of us have experienced and were committed to doing it right. We're excited to be part of their journey and look forward to guiding them and seeing great things from happay.”

Griffith David, MD&CEO, Bread Basket & Habanero, said, “Happay has simplified our accounting and tracking of expenses significantly. As a CEO, I’m faced with the conflict of wanting  to empower my distributed team while having to maintain tight expense control- happay enables this perfectly! We have been using Happay Cards with the integrated mobile and web dashboard for three months now in our Bangalore, Hyderabad and Chennai outlets. All disbursements to our branches and all expenses are automatically recorded and verified, and hence they can directly be imported into accounting. The team has also been great to work and their support is excellent – all key requirements for business users like me. Several minor changes we requested were implemented immediately. I would highly recommend this application to other CEO's."

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