Bengaluru based Jiffy.ai raises USD 53 Mn in Series B

Bengaluru-based enterprise tech startup JIFFY.ai has raised USD 53 million as a part of its Series B funding round led by Fidelity-backed Eight Road Ventures, Iron Pillar and R-Squared. JIFFY plans to use these funds to push its marketing and sales efforts and advance its automation platform. JIFFY is the brand name for Paanini, the parent company that helps automate complex business processes using robotic process automation, natural language processing and no-code workflow management. 

"This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations," the company's co-founder and CEO Babu Sivadasan said. "We are focusing on strengthening our intelligent automation platform, which will enable organisations to compose, configure, monitor and maintain themselves as autonomous enterprises. Using the platform, they will be able to assemble automated business capabilities that can learn and adapt to changing needs with little or no additional resource and operational expenditure."

Previously, in June 2020, Jiffy had raised USD 18 million in its Series A funding round. 

"JIFFY.ai's AI-driven approach to automation is unique with an integrated, modular, and intelligent solution that has proven superior alongside a faster and more sustainable ROI (return on investment)," Shweta Bhatia, partner and head of technology investments at Eight Road Ventures, stated. 

A report produced by Nasscom early this month stated the current low-code no-code market was worth USD 400 million owing to Indian IT service providers and startups. The report also projected that the market would grow to USD 4 billion by 2025.