Deskera has secured an investment of more than $60 million from Jungle Ventures and other backers in support of its small business (SMB) cloud-based solutions, including enterprise resource planning (ERP), inventory management and customer relationship management (CRM) tools.
According to The Business Times on Tuesday (Nov. 27), Deskera received the funding from Jungle, as well as Cisco Investments, Tembusu Partners, Susquehanna International Group and InnoVen Capital. The Singapore-based company provides SMBs with its cloud-based platform to manage business operations, including accounting and finance, employee hiring and management, and other back-office processes.
In announcing the investment, Deskera also revealed the rollout of its new B2B eCommerce platform Desk, which "gives [SMBs] the ability to buy, sell and transact online," according to Chief Executive Officer Shashank Dixit. "It exists as an online B2B marketplace for [SMBs], powered by Deskera's leading inventory management technology."
In an interview with the publication, Dixit added that the investment will go toward research and development, as well as focus on streamlining integration capabilities of its ERP system into Singapore's digital trade platform, the Networked Trade Platform (NTP).
Singapore recently launched the NTP to support digitization of business operations for companies trading across borders. The platform provides certification services that businesses need to conduct their trade, in addition to a slew of other trade-related services from third-party providers.
Deskera said it plans to expand into the U.S., Australia, Indonesia and the Philippines, and add more solutions and products to its existing services.
Singapore has emerged as a hotbed for B2B FinTech, as government initiatives foster FinTech innovation in the market. Earlier this year, InstaReM, another Singapore-based FinTech, spoke with PYMNTS about the nation's "FinTech-friendly regulatory framework," according to the firm's Co-founder and CEO Prajit Nanu.
"The Monetary Authority of Singapore [MAS] provides a responsive and forward-looking regulatory approach that enables promising FinTech innovations to develop and flourish," Nanu said.