About CFO Stack sector in India
The CFO Stack sector in India comprises 2.16K companies, including 325 funded companies having collectively raised $2.82B in venture capital money and private equity. Out of these, 74 are Series A+ funded, and 2 have achieved unicorn status.
CFO Stack sector in India has seen 36 acquisitions and 5 IPOs.
This sector includes a collection of specialized tools and necessary systems/software that enable finance teams to effectively handle their daily tasks.
CFO Stack sector is also known as Tech Stack for Office of the CFO.
Companies included in CFO Stack
It includes software to automate major functions in CFO office like Financial Planning and Analysis, Budgeting, forecasting, treasury management, accounting, etcCompanies excluded in CFO Stack
It excludes all the Non-financial tools that do not integrate seamlessly with financial operations,Top CFO Stack Companies in India
There are more than 2.16K companies in CFO Stack in India. Zaggle is the top CFO Stack company in India, ranked using Tracxn Score (what's this?).
Here are 5 of the top CFO Stack companies in India:
Company | Description | Location | Founded | Current Stage | Private Funding Raised |
|---|---|---|---|---|---|
Platform designed to streamline business spends, payments, and rewards through automated and innovative workflows | Hyderabad (India) | 2011 | Public | $13.7M | |
Cloud-based invoicing solutions for small businesses | Bengaluru (India) | 2017 | Series B | $35.9M | |
Technology-enabled accounting and finance solutions for SMBs | Bengaluru (India) | 2011 | Series C | $140M | |
Provider of AI powered loyalty, rewards, and employee engagement solutions | Bengaluru (India) | 2012 | Acquired | $30.6M | |
App-based bookkeeping management solutions for small businesses | Bengaluru (India) | 2018 | Series C | $187M |
Companies founded year-on-year in the CFO Stack sector in India
216 CFO Stack startups in India were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | 9 |
2024 | 77 |
2023 | 115 |
2022 | 111 |
2021 | 168 |
2020 | 216 |
2019 | 185 |
2018 | 162 |
2017 | 206 |
2016 | 144 |
Stage-wise distribution of CFO Stack sector companies in India
Out of the total 2,155 CFO Stack companies in India, 325 have secured funding. Among them, 74 have reached Series A or higher, and 57 to Series B or beyond.
Founded - 2,155
Funded - 325
Series A+ - 74
Series B+ - 57
Series C+ - 47
Company Stage | No. of companies |
|---|---|
Founded | 2,155 |
Funded | 325 |
Series A+ | 74 |
Series B+ | 57 |
Series C+ | 47 |
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Funding Trends in the CFO Stack sector in India
Total funding year-on-year in the CFO Stack sector in India
The CFO Stack sector in India saw a total funding of more than $2.68B in the last 10 years. The most amount of funding was in 2022 at more than $776M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $173M |
2024 | $163M |
2023 | $178M |
2022 | $776M |
2021 | $635M |
2020 | $212M |
2019 | $304M |
2018 | $152M |
2017 | $53.8M |
Recent Funding Rounds in CFO Stack in India
In the year 2025, till November 2025, CFO Stack companies in India have raised $121M in equity funding across 17 rounds.
In the same period last year (i.e. till November 2024), CFO Stack companies in India had raised $93.2M across 30 rounds.
So, 2025 has seen a 30.34% rise in funding in CFO Stack companies in India as compared to 2024.
Here are some recent, important funding rounds in CFO Stack companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 1831 | Nov 19, 2025 | and 2 more | |
Seed | 9050 | Nov 08, 2025 | ||
Series B | 1144 | Oct 09, 2025 | and 2 more | |
Seed | 8698 | 2025 | ||
Angel | 3136 | 2025 |
Top Investors in CFO Stack in India
Accel is the top investor in CFO Stack companies in India based on number of companies invested.
Here are some top investors in CFO Stack companies in India:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Palo Alto (United States) | ||
Cambridge (United States) | ||
Redwood City (United States) | - | |
Menlo Park (United States) | ||
Bengaluru (India) |
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M&A activity in CFO Stack sector in India
In the year 2025, till November 2025, 2 acquisitions happened in CFO Stack sector in India. Last year, in 2024, a total of 8 acquisitions happened in CFO Stack sector in India.
Here are some recent, important acquisitions in CFO Stack sector in India:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 27, 2025 | ||
Business Acquisition | Jun 05, 2025 | ||
Business Acquisition | Nov 18, 2024 | ||
Business Acquisition | Nov 14, 2024 | ||
Business Acquisition | Oct 03, 2024 |
Acquisition trends in CFO Stack sector in India
Here are the acquisition trends in CFO Stack sector in India:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 2 |
2024 | 8 |
2023 | 1 |
2022 | 9 |
2021 | 8 |
2020 | 2 |
2019 | 3 |
2018 | 3 |
2017 | 1 |
IPOs in CFO Stack in India
In the year 2023, till September 2023, 1 IPO happened in CFO Stack sector in India.
Here are some recent, important IPOs in CFO Stack sector in India:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Sep 22, 2023 | National Stock Exchange (NSE), Bombay Stock Exchange (BSE) | |
Dec 17, 2021 | National Stock Exchange (NSE), Bombay Stock Exchange (BSE) | |
Oct 11, 2017 | Bombay Stock Exchange (BSE) | |
Sep 10, 2000 | Bombay Stock Exchange (BSE) | |
Apr 12, 2000 | National Stock Exchange (NSE) |
Colleges which produce the most CFO Stack companies in India
Companies founded by alumni from top colleges in the CFO Stack in India
Most number of CFO Stack startups in India have been founded by alumni from BITS Pilani, IIM Bangalore and IIT Bombay.
College | No. of companies |
|---|---|
BITS Pilani | 29 |
IIM Bangalore | 18 |
IIT Bombay | 18 |
IIT Delhi | 18 |
IIT Kanpur | 18 |
IIT Kharagpur | 14 |
Indian School of Business | 12 |
IIM Calcutta | 10 |
IIT Madras | 8 |
IIT Roorkee | 8 |
Total funding in CFO Stack companies founded by alumni from top colleges in India
In the last 10 years, University of Pennsylvania graduates' CFO Stack companies in India have raised the most funding among top colleges. Wharton School alumni are second, and IIT Bombay alumni are third.
College | Total Funding |
|---|---|
University of Pennsylvania | $584M |
Wharton School | $572M |
IIT Bombay | $480M |
IIT Delhi | $343M |
BITS Pilani | $238M |
IIT Guwahati | $140M |
Indian School of Business | $106M |
IIT Kanpur | $105M |
Anna University | $95.7M |
IIM Bangalore | $89.8M |
Top News in CFO Stack in India
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EnKash Launches India's First Payment Gateway for SMBs and StartupsAsian News International•May 20, 2025•EnKash
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Zaggle ties up with Mesh Payments to tap global spend management marketIndiatimes•May 15, 2025•Zaggle, Mesh Payments
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Decimal Point Analytics Promotes Vaibhav Poonekar to CTOMedia Bulletins•Apr 08, 2025•Decimal Point Analytics
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Procol Unveils Game-Changing AI Agents to Revolutionize Enterprise ProcurementBusiness Wire India•Apr 07, 2025•Procol
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Decimal Point Analytics Strengthens Leadership Team to Drive Innovation and GrowthExpress Computer•Apr 07, 2025•Decimal Point Analytics
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Zaggle partners with Thomas Cook India, SOTC Travel for unified travel and expense management solutionDeccan Chronicle Holdings•Apr 04, 2025•Zaggle, Thomas Cook, SOTC
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