Elevation Capital, Jungle Ventures, others write $15 mn cheque to Drivetrain
Summary
Drivetrain AI Inc., a financial planning, monitoring and decision-making platform, has raised $15 million (Rs 120 crore) in a Series A funding round led by Elevation Capital, Jungle Ventures and Venture Highway.The round has also seen participation from several executives in tech and finance, including, Akshay Kothari (Notion); Amit Singhal (ex-Google); Khadim Batti and Amit Sharma (Whatfix); Krish Subramanian and Karthik Srinivasan (Chargebee); Kushal Nahata (FarEye); Ashish Gupta (ex-Junglee, Helion); Niranjan Sivan (Freshworks); Vaidhyanathan B (ex-Zuora, ex-Freshworks) and Niranjan Chavan (Browserstack).The fresh funds will be used to boost Drivetrains product development and expand its go-to-market team.Drivetrains platform helps finance teams build integrated plans, budgets, and forecasts, track their progress against targets, and identify bottlenecks to growth. It also offers features like tracking real-time budgets versus actuals, modelling what-if scenarios, and root cause analysis.In an interaction with VCCircle Alok Goel, Co-founder and Chief Executive at Drivetrain, said, With the mid-market and enterprise being our target segment, we engage with customers directly from day one. Typical use cases are automated financial reporting, monthly forecasting, revenue planning, sales performance measurements, headcount planning, what-if scenarios, and automated root cause analysis.In terms of competition, Goel said, The enterprise segment has legacy tools like Anaplan and Adaptive with age-old tech, requiring heavy customization and an army of consultants to implement over 612 months. Goel, before starting Drivetrain, was a partner at Elevation Capital, "During that over 6 years, I set up the SaaS investment practice, evaluated hundreds of SaaS companies, and served on the boards of many, he said.Tarkeshwar Thakur had worked with companies like Freshworks, where he led machine learning and data platform teams. While Bhagat was part of the SaaS investment team at Elevation Capital, he worked as a management consultant with A.T. Kearney.