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 complicated pricing plans — whether or not they’re primarily based 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 immediately have moved towards a consumption-based pricing mannequin on prospects’ demand due to macro tailwinds comparable to product-led development, automation and AI. Easy subscriptions will solely be about 30% of the market, whereas complicated subscription and consumption-based billing will cowl the remainder within the subsequent decade, he predicted.
The market is flooded with related 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 imagine 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 prospects to grasp their challenges associated to billing. “Usually, instruments are inbuilt a linear trend,” stated Agrawal. “We considered Zenskar like floor up — attempt to make one of the best instrument 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 reside with one consumer, and about 12 prospects are on its waitlist, Bansal stated. The startup targets the U.S. as its market, although its small engineering staff of two folks 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 associate 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 ideas innovation to offer a radically distinctive and versatile billing software program,” stated Anant Vidur Puri, associate, Bessemer Enterprise Companions, in a ready assertion.
Zenskar plans to make use of its fund to broaden the staff 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 comparable to telecom, transportation, IoT and media.