Jiffy.ai raises $53 million in funding led by Eight Road Ventures

Mumbai: Jiffy.ai, a business-to-business (B2B) automation platform, has raised $53 million in a funding round led by Eight Roads Ventures. The company said it would use the funds to scale its sales and marketing efforts, and advance its HyperApp platform.

The round also saw participation from venture firms Iron Pillar, R-Squared, and existing investors Nexus Venture Partners, Reaction Capital and Rebright Partners, the company said in a statement.

In June 2020, Jiffy.ai had raised $18 million from investors led by Nexus Venture Partners. Its largest equity shareholder is its non-profit organisation, Paanini Foundation.

“This funding will help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, cofounder and chief executive, Jiffy.ai.

The company, which was launched in 2018 as the go-to-market brand from its parent Paanini Inc., is focusing on strengthening its intelligent automation platform. The platform helps clients assemble automated business capabilities that can learn and adapt to changing needs with little or no additional resource and operational expenditure.

“The automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post pandemic,” said Shweta Bhatia, partner & head of technology investments in India at Eight Roads Ventures.

Gartner predicts that the business-driven hyper-automation will be one of the top three drivers for low-code adoption through 2022. It estimates that low-code will be responsible for more than 65% of application development activity by 2024. Low-code is a software development approach that requires little to no coding in order to build applications and processes.

“Jiffy.ai’s intelligent automation platform, powered by a no-code development engine, is set to accelerate digital transformation of the global enterprise,” said Jishnu Bhattacharjee, managing director of Nexus Venture Partners.

“Jiffy.ai has combined the ease of building enterprise workflows with the power of AI, ML, IDP and other core technologies to deliver a powerful, comprehensive solution,” said Mohanjit Jolly, Partner at Iron Pillar.

B2B enterprise software-as-a-service (SaaS) has drawn huge interest from risk investors, and the sector has been one of the biggest beneficiaries of the funding boom in the past 12-18 months.

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