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Zenskar, a startup that’s aiming to assist SaaS firms 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 firms 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, stated in an interview that 10 to fifteen% of SaaS firms right now have moved towards a consumption-based pricing mannequin on clients’ demand due to macro tailwinds resembling 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 stated Zenskar permits firms to configure its resolution in a no-code, low-code method, with out requiring them to depend on engineers.
“We basically consider that going ahead, engineering bandwidth in firms will proceed to say no, and software program options that should be adopted will should be adopted by non-technical customers,” stated 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 know their challenges associated to billing. “Usually, instruments are in-built a linear trend,” stated Agrawal. “We considered Zenskar like floor up — attempt to take one of the 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 consumer, and about 12 clients are on its waitlist, Bansal stated. The startup targets the U.S. as its market, although its small engineering workforce of two individuals works remotely from India. Bansal stated 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 accomplice with Zenskar on their journey to basically disrupt the quote-to-cash tooling for SaaS firms. We had been impressed with their deep understanding of buyer ache factors, and their DNA of first rules innovation to supply a radically distinctive and versatile billing software program,” stated Anant Vidur Puri, accomplice, Bessemer Enterprise Companions, in a ready assertion.
Zenskar plans to make use of its fund to increase the workforce of its engineers. It additionally goals to transcend SaaS billing and convey options to automate accounting, facilitate funds and supply analytics to firms in sectors resembling telecom, transportation, IoT and media.
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