With Spendflo, firms can keep tabs on their subscription-based software spending

With a tool like Truebill, you can view all of your recurring payments in one spot, saving you money on services you don’t use. Spendflo aims to do the same for corporate SaaS customers, and is aimed at CFOs and finance leadership teams in particular.

Acquired initial investment of $4.4 million was led by Accel India and Together Fund, with participation from BoldCap and Signal Peak Ventures, as well as the creators and operators of businesses such as Airbase, Zuora, Ivanti and CleverTap, as well as Wingify and Slintel.

Spendflo claims to have saved its clients an average of 23% since its introduction six months ago. Airmeet, Cronwpeak, Lambda Test, Urban Company, WIntify, and Yellow.ai are just few of its customers.

Siddarth Sridharan, Ajay Vardhan and Rajiv Ramanan founded Spendflo in 2021, a cloud-based SaaS contract management platform. Purchasing is aided by the company, which claims that it can save customers money via the use of its own unique benchmarking data. It was part of the inaugural batch of Atoms, an Accel initiative for pre-seed entrepreneurs with $250,000 of non-dilutive funding.

Sridharan told that he “watched the firm move from seed to IPO during my stint” at Volta Charging as an early employee. SaaS technologies have cost me over $10 million in this time period.” Additionally, he said his CFO would meet with him every three months to discuss ways to reduce expenditure by half.

At the time, Sridharan had at least 150 separate subscriptions, and SaaS purchasing had become decentralised, with no oversight into price or renewals. At that point in time, it occurred to me that possibly other people were experiencing the same problem. Because of this, I decided to look for a solution in the financial community.”

When it comes to SaaS, it’s no longer simply CIOs who purchase SaaS, Srdiharan said. Current SaaS purchases are made using popular but unreliable sources such as G2 REviews, Quora, and Reddit for price information. Endless e-mail trials result in approvals being lost.”

However, Spendflo provides a single location for enterprises to monitor their SaaS expenditure and consumption.

Sridharan gave the example of Airmeet’s experience with Spendflo. Airmeet was the first company to be added to the platform, which allowed them to consolidate contracts and track their expenditure in one place. A purchasing strategy based on Airmeet’s requirements was then developed by the platform’s strategic buyer and CMS. We were finally able to start saving money when the purchasing team at Spendflo took over procurements. With the help of Spendflo, Airmeet has been able to reduce approximately 16% of their SaaS costs, according to Sridharan.

Dashboard for memberships on Spendflo

Small and big organisations spend close to $330 billion on SaaS services in addition to spending $1 trillion on their own IT, according to Sridharan There has been an annual increase of 25% in spending on SaaS goods.” CFOs have little insight or control over SaaS spending. It’s clear that the CFO’s position is changing, he remarked. In other words, we’re no longer simply talking about numbers anymore. Legal, ESG, and FinOps are just a few of the departments that are making their way to the CFO. The chief financial officers (CFOs) are no longer the whistle-blowers in the game, but rather the point guards.

Working together with department, security, and department leaders, Spendflo sells to the finance team. According to Sridharan, the average number of people involved in the purchase of SaaS products is six. In contrast, Spendflo “follows a comprehensive strategy,” which implies that any SaaS buyer may raise and renew requests, access all tools, contracts, and security papers, and work with suppliers on renewals and new procurement via the service.

Customers pay a flat price for the overall SaaS cost that is managed by the firm. A money-back guarantee on membership fees makes it budget neutral for financial businesses to use our services, according to Sridharan. “We typically achieve savings of 2x to 5x ROI. We save them, on average, 23% annually on SaaS costs.

Accel India partner Dinesh Katiyar said the following in a prepared statement:

“Pay-by-use SaaS tools have been a boon for companies worldwide. They’re all rapidly shifting toward vendors that offer these tools. However, the mass exodus to SaaS has created a new challenge. Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, under-utilized tiers and unused licenses. Spendflo is committed to bringing back spending efficacy without compromising business velocity.”