U.S. based AppZen opens Development center in Pune
Pune, Monday (November 18, 2019): AppZen, the world’s leading AI platform for modern finance teams, recently announced the opening of its development center in Pune. The state-of-the-art facility was inaugurated by AppZen CFO Naresh Bansal and Head of India Operations Mandar Munagekar. The company wants to tap into the Pune talent pool and focus on further enhancing its AI Platform through the new center as it broadens its global reach.
Earlier this year, the company announced their entry in India with Pune as their Indian headquarters. One of the fastest growing startups, AppZen, recently raised a Series C investment of $50 million in funding through Coatue Management. With previous investments through Redpoint Ventures and Lightspeed Venture Partners along with Coatue, the total investments raised by the company clocks to over $100 million till date.
The company’s biggest product is the service that automatically audits expenses using AI. The company has been working on building AI-powered platform for the modern Finance Teams by automating spend approvals and providing insights that help reduce spend, comply with policy, and streamline process.
AppZen recently surpassed the 1,500 customer mark, attracting more than 25 percent of Fortune 500 companies, including Amazon, Nvidia, Salesforce, Verizon, three of the top 10 banks in the U.S., four of the top 10 media companies, three of the top 10 pharmaceutical manufacturers, two of the top five aerospace companies and a number of other software providers.
Commenting on the development, Mandar Munagekar, Head of India Operations says “By using a lot of our tacit knowledge in the data science area, we want our growth to be smarter. This will be key to create a talent pool with high end engineering and data science background for our growing global customer base”
Naresh Bansal, CFO, AppZen, says, “We are a leading AI platform and hence we require employees with varied skillsets and backgrounds making it a highly diverse workforce. We are committed to grow and invest in Pune and tap into the local talent, which is coming up as a hub for many leading technology companies”.
