CimplyFive raises funding from former CFOs of Wipro & Infosys
CimplyFive Corporate Secretarial Services Pvt Ltd, which runs cloud-based financial solutions venture CimplyFive, has received an undisclosed amount of investment from Wipro's outgoing chief financial officer (CFO) Suresh Senapaty and former CFO of Infosys turned private investor TV Mohandas Pai.
CimplyFive seeks to provide cost-effective, secure web-based, menu driven, subscription service that provides curated resolutions, timely alerts and informative dashboards to free management bandwidth for pursing business goals, the company said in a statement.
It, however, did not share further details on the transaction.
The startup was founded in September 2014 by Shankar Jaganathan (CEO), Shriram Subramanian (director), Kannan S, Lakshmi Narayana and Surya Narayana Valluri. While Jaganathan is a chartered accountant with three decades of experience, Subramanian is a corporate governance evangelist and founder of India's first proxy advisory firm InGovern Research Services. Kannan is a consultant company secretary with over two decades experience with corporates like Karvy and Wep Solutions.
Lakshmi and Valluri, the other two co-founders, are associated with the company on an ideation level.
"Comprehensive compliance should not be a luxury affordable to only big corporates. Technology can and should make compliance accessible to every small and medium corporate entity. I believe CimplyFive has the potential to do just that," said Pai.
"Enabling good governance is a prerequisite for shareholder value creation. The passion and commitment that I see in Shankar makes me believe that CimplyFive will make rapid progress towards its goal," added Senapaty.
Jaganathan said the Companies Act 2013 is a legislation in its early days. Given its fluidity, the firm's cloud-based software that is centrally updated is ideal to meet the needs of over 1 million companies that are active in India.
The firm recently launched its first tool called BLISS (Board Leaders Integrated Software Solution) which is a digital productivity tool for company secretaries that automates routines and provides timely alerts to ensure compliance and good corporate governance.
(Edited by Joby Puthuparampil Johnson)