Oct 17: Febi.ai, an AI-based platform for automating accounting and tax compliance, has secured $2 million in pre-Series A funding. 

Investors include Lumis Partners, Virender Rana (former JP Morgan), Amit Chaudhary (Lenskart), Padmaja Ruparel (Indian Angel Network), Rohan Bhargava (Cashkaro), and Rajat Jain (Fino Payments Bank).

Launched in 2022, Febi.ai aims to eliminate manual data entry and errors, automate documentation and tax compliance, and offer real-time business insights. The new funding will be used to enhance AI capabilities, expand customer acquisition, and grow the workforce.

Founded by CA Amit Jindal, CA Saurabh Jain, Ashu Goel, and CA Rahul Bansal, the platform was built by a team of chartered accountants and tech experts. Febi.ai plans to leverage the investment to continue developing its automation tools for accounting and tax functions.

Amit Jindal, CEO of Febi.ai, emphasized that the platform, built by chartered accountants, is designed to provide real-time insights and streamline accounting and tax compliance for entrepreneurs and the accounting community.

Sandeep Sinha, Partner at Lumis Partners, noted that startups and MSMEs face challenges in managing finances while staying tax compliant. He believes Febi.ai can ease this burden, allowing businesses to prioritize critical tasks.