Peak XV Partners leads $48 million round in Dubai-based spend management startup Alaan
The round also saw participation from founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, Y Combinator, 468 Capital, and Pioneer Fund. It was a mix of primary and secondary capital, the company said in a press release. A bunch of startup founders active in the Gulf region, including Hosam Arab, founder of financial services app Tabby; Mudassir Sheikha, founder of ride-hailing platform Careem; prominent YouTuber Khalid Al Ameri; and Parth Garg, founder of cross-border payments startup Aspora, also invested in the company.
ET reported in June 2025 that London-headquartered Aspora raised a major funding round from Peak XV Partners. Peak XV Partners originally split from Sequoia Capital to focus on investments in India and Southeast Asia. But now the venture capital firm has started taking bets in other geographies as well. 'The category has demonstrated strong product-market fit in the MENA (Middle East and North Africa) region, and Alaan stands out as the category leader, demonstrated by their impressive growth trajectory,' said GV Ravishankar, managing director at Peak XV Partners.Since launching in 2022, Alaan has processed over 2.5 million transactions and works with over 1,500 finance teams at leading companies such as G42, Careem, Tabby, Lulu Group, Rivoli, and others. The company launched in the Kingdom of Saudi Arabia earlier this year.
Duraisamy and Kurien, both previously with McKinsey, launched this startup intending to make expense management simple and digital. The startup uses AI to smooth manual work around reconciliation and processing of transactions and settlement of claims generated by employees of its client organisations.
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Indian Express
6 minutes ago
- Indian Express
‘I'm ready to pay the price': Modi draws red line, says no compromise on farmers amid rising US trade pressure
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Agriculture continues to be one of the most contentious areas between the two countries, with the US Trade Representative (USTR) repeatedly raising concerns over India's restrictions on GM imports, calling them discriminatory. On Wednesday, Washington escalated the pressure just weeks ahead of a scheduled visit by US trade negotiators to New Delhi on August 25. It doubled duties on several Indian goods—raising overall tariffs to 50 per cent—citing India's continued crude oil trade with Russia. A 25 per cent penalty will be added to the reciprocal tariffs announced on August 1, but with a 21-day buffer before implementation. In a statement, the White House said the additional '25 per cent ad valorem duty' was being imposed to address a national emergency triggered by Russia's actions in Ukraine. The executive order stated that this step was necessary due to India's 'direct or indirect' imports of Russian oil and that higher tariffs would more effectively address the situation. 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The Hindu
9 minutes ago
- The Hindu
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The Hindu
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Time to redouble efforts, not pull apart, says US-India Business Council amid U.S.-India tariff row
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