Febi.ai Raises $2M to Enhance AI-powered Accounting Solutions

Febi.ai built by domain expertise people has secured its Pre-series A funding of USD 2 million from Lumis Partners, Virender Rana (JP Morgan, Ex-Managing Director-Payments), Amit Chaudhary (Co-founder—Lenskart), Padmaja Ruparel (Co-founder—IAN), Rohan Bhargava (Co-founder—Cashkaro), Rajat Jain (Chairman Fino Payments Bank) and other notable investors.

Established in 2022, Febi.ai has been built by a blend of chartered accountants and technology experts’ team. Through its AI capabilities, it eliminates manual data entry, and manual errors while performing accounting, and verification of invoices, automates documentation management, automates tax compliance and provides founders and entrepreneurs with real-time business insights to make well-informed decisions with higher confidence.

Febi.ai stands for Founders Entrepreneur Books Innovation. The name reflects the company’s strong foundation of innovation in the finance industry and its entrepreneurial spirit. They plan to use the fresh capital to further advance its artificial intelligence capabilities to automate accounting and tax compliance platforms, ramp up customer acquisition and expand its workforce. 

Febi.ai was founded by CA Amit Jindal, CA Saurabh Jain, Ashu Goel, and CA Rahul Bansal. CA Amit Jindal and CA Saurabh Jain, both ex-Ernst & Young, have successfully built and led Felix Advisory, a renowned financial advisory consulting firm of 350+ members.

Amit Jindal, a chartered accountant from India and a certified public accountant from USA, brings over two decades of rich experience in accounting and tax compliance. In his prior roles, he witnessed the practical challenges encountered by finance professionals and stakeholders in manual accounting and tax compliance. He decided to build Febi.ai to solve the real-time problems faced by teams working and the end users of existing accounting and tax compliance platforms.

Amit Jindal, CEO, said, “It’s been built by the Chartered Accountant community and will empower entrepreneurs and the CA community with real-time insights and effective ways to manage accounting and tax compliance functions.

Sandeep Sinha, Partner at Lumis Partners, said, “Startups and MSMEs are the heart of the Indian economy. While handling business operations in competitive industries, taking care of finance and staying tax compliant can be a lot to manage for them. I believe Febi.ai can transform this as it takes the burden from their shoulders so they focus on high-priority work.”

Padmaja Ruparel, Co-founder of Indian Angel Network, shared her thoughts, “Febi.ai is an innovative software and has the full potential to be the industry leader in its space. As someone who has connected so closely with the Indian entrepreneurial ecosystem, it’s a great platform for businesses trying to stay on top of their tax compliance and financial management." 

Amit Chaudhary, Co-founder of Lenskart, said, “When entrepreneurs are building their business, investing time in doing accounting and finance is the last thing they want. Febi.ai helps them reduce manual work and use their time better.”

To enhance the technological expertise of Febi.ai’s leadership, Ashu Goel joined as CTO. Previously working with JP Morgan, Singapore, for 17 years, Ashu chose to return to India along with his family to support Febi.ai’s mission of leveraging AI to transform startups, SMEs, and enterprises. This reflects a strong commitment to addressing real-world challenges in accounting and finance through innovation and advanced technology.