Latest news with #ParthiDuraisamy
Entrepreneur
2 days ago
- Business
- Entrepreneur
Peak XV leads USD 48 Mn Series A Round for UAE's Alaan
The round was led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and several prominent angel investors, including founders of unicorns Tabby and Careem, as well as regional figure Khalid Al Ameri. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. UAE-based fintech firm Alaan has raised USD 48 million in a Series A funding round to accelerate its growth in the Middle East and North Africa. The round was led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and several prominent angel investors, including founders of unicorns Tabby and Careem, as well as regional figure Khalid Al Ameri. Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan provides AI-driven spend management solutions tailored for finance teams in the MENA region. The platform integrates with local banking systems, offering features such as real-time expense tracking, corporate card issuing, and automated data extraction. "The category has demonstrated strong product-market fit in the MENA 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 its launch, Alaan has processed over 2.5 million transactions and serves more than 1,500 finance teams, including G42, Lulu Group, Rivoli, Tabby, and Careem. Earlier this year, the company expanded into Saudi Arabia. "With this funding, we aim to further simplify and digitise expense management for businesses across the region," said Duraisamy. Kurien added that the investment would help strengthen Alaan's product offerings and extend its market presence.
Yahoo
3 days ago
- Business
- Yahoo
Alaan Raises $48 Million in Series A to Accelerate AI-Powered Finance Automation in MENA
Dubai, United Arab Emirates--(Newsfile Corp. - August 5, 2025) - Alaan, a UAE-based corporate spend management platform, has announced the successful close of its $48 million Series A funding round, marking one of the largest fintech Series A rounds in the Middle East. (Left) Karun Kurien, Co-founder and CPO of Alaan (Right) Parthi Duraisamy, Co-founder and CEO of Alaan Founded in 2022, Alaan provides businesses across the MENA region with corporate cards and an integrated platform that automates expense management, reconciliation, and payment workflows. The company's latest funding will enable deeper expansion across the GCC, particularly in the Kingdom of Saudi Arabia, and accelerate development of its AI-powered finance operations suite. The Series A round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from international and regional investors. The capital includes a mix of primary and secondary investment. Since its inception, Alaan has processed over 2.5 million transactions and is used by more than 1,500 finance teams in the region. The company reports significant growth in its recently launched Saudi Arabia operations, with transaction volumes doubling month over month for the past six months. The new capital will support further product innovation focused on AI agents for finance teams. These agents are designed to reduce time spent on manual tasks such as receipt matching, reconciliation, and VAT data extraction. The company aims to expand its offering into a full-stack finance operations platform, helping businesses gain greater control and visibility over their spending. Alaan also plans to strengthen its UAE base while scaling teams across sales, customer success, and compliance to support regional clients. About Alaan Alaan is a corporate spend management platform headquartered in Dubai, UAE. Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan enables businesses to issue corporate cards, manage expenses, and automate financial workflows. The platform is used by a wide range of companies in sectors including retail, logistics, and services. Pankaj Somanath Sureshhttps:// Shohada Road, AL Hamra Industrial Zone-FZ, Ras al-Khaimah United Arab Emirates To view the source version of this press release, please visit
Time of India
3 days ago
- Business
- Time of India
Peak XV Partners leads $48 million round in Dubai-based spend management startup Alaan
Academy Empower your mind, elevate your skills Venture capital (VC) firm Peak XV Partners has led a $48 million funding round in Alaan , a spend management platform headquartered in startup, founded by Indian-origin Parthi Duraisamy and Karen Kurien, caters to the West Asia market. Currently, it is offering spend management to some prominent corporations operating in that 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 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 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.
Economic Times
3 days ago
- Business
- Economic Times
Peak XV Partners leads $48 million round in Dubai-based spend management startup Alaan
ETtech Venture capital (VC) firm Peak XV Partners has led a $48 million funding round in Alaan, a spend management platform headquartered in startup, founded by Indian-origin Parthi Duraisamy and Karen Kurien, caters to the West Asia market. Currently, it is offering spend management to some prominent corporations operating in that region. 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 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. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
CairoScene
3 days ago
- Business
- CairoScene
Dubai-Based Alaan Raises $48 Million to Expand AI Spend Platform
Founded in 2022 by McKinsey alumni Parthi Duraisamy and Karun Kurien, Alaan provides corporate spend management tools that automate finance tasks. Aug 05, 2025 Dubai-based fintech platform Alaan has raised $48 million in a Series A round led by Peak XV Partners, formerly Sequoia India & SEA. The funding will fuel the company's regional expansion, particularly in Saudi Arabia, and accelerate the development of its AI-powered finance tools. Founded in 2022 by McKinsey alumni Parthi Duraisamy and Karun Kurien, Alaan provides corporate spend management tools that automate finance tasks such as expense reconciliation, VAT extraction, and real-time spend insights. The platform now supports more than 1,500 companies including Careem, Tabby, Lulu Group, and G42. This latest round - one of the largest Series A raises in MENA - also saw participation from 468 Capital, Y Combinator, Pioneer Fund, 885 Capital, and several regional tech founders. The company says it has processed over 2.5 million transactions to date. Since launching in Saudi Arabia earlier this year, Alaan reports a six-month streak of doubling transaction volume month-on-month. The company will now focus on expanding its footprint and hiring for product, compliance, and customer support teams in the Kingdom. Alaan's success reflects broader investor confidence in MENA's fintech sector, particularly for platforms applying AI to modernise traditional finance workflows.
