Bessemer backs SaaS platform that automates billing workflows • TechCrunch

Zenskar, a startup that’s aiming to assist SaaS corporations automate their billing workflows, has raised $3.5 million in a seed funding spherical.

Headquartered in New York and Bengaluru, Zenskar is constructing a platform for SaaS corporations to generate payments for his or her advanced pricing plans — whether or not they’re based mostly on usage-based pricing, subscriptions, nuanced reductions, credit, customized currencies, pay as you go or ramp offers.

Apurv Bansal, co-founder of Zenskar, mentioned in an interview that 10 to fifteen% of SaaS corporations at this time have moved towards a consumption-based pricing mannequin on clients’ demand due to macro tailwinds equivalent to product-led development, automation and AI. Easy subscriptions will solely be about 30% of the market, whereas advanced subscription and consumption-based billing will cowl the remainder within the subsequent decade, he predicted.

The market is flooded with comparable SaaS billing platforms, however Bansal mentioned Zenskar permits corporations to configure its answer in a no-code, low-code method, with out requiring them to depend on engineers.

“We basically imagine that going ahead, engineering bandwidth in corporations will proceed to say no, and software program options that have to be adopted will have to be adopted by non-technical customers,” mentioned Bansal, who previously labored as a product supervisor at Google and Indian e-commerce firm Snapdeal.

Bansal co-founded Zenskar together with Saurabh Agrawal in March — after surveying greater than 120 clients to grasp their challenges associated to billing. “Usually, instruments are inbuilt a linear vogue,” mentioned Agrawal. “We thought of Zenskar like floor up — attempt to take the very best instruments from scratch after speaking to so many individuals.”

Bansal and Agrawal are second-time entrepreneurs who offered their earlier startups to Snapdeal and music streaming app Gaana, respectively.

Zenskar’s proof of idea is already dwell with one shopper, and about 12 clients are on its waitlist, Bansal mentioned.  The startup targets the U.S. as its market, although its small engineering workforce of two folks works remotely from India. Bansal mentioned that they plan to open a bodily workplace in Bengaluru.

The seed funding spherical was led by Bessemer Ventures Companions and noticed participation from Shine Capital, Basecamp Fund and Converge.

“We’re excited to companion with Zenskar on their journey to basically disrupt the quote-to-cash tooling for SaaS corporations. We have been impressed with their deep understanding of buyer ache factors, and their DNA of first ideas innovation to supply a radically distinctive and versatile billing software program,” mentioned Anant Vidur Puri, companion, Bessemer Enterprise Companions, in a ready assertion.

Zenskar plans to make use of its fund to develop the workforce of its engineers. It additionally goals to transcend SaaS billing and convey options to automate accounting, facilitate funds and supply analytics to corporations in sectors equivalent to telecom, transportation, IoT and media.