Dice, an AI-based spend management platform enterprise from Pune, India, has secured INR 42 Crore (USD 5 Mn) in funding. The fund-raise was led by Dallas Venture Capital, a cross-border venture capital firm, with participation from Gujarat Venture Finance Limited (GVFL).

The startup plans to utilise the funds for various go-to-market initiatives designed to enhance market penetration, broaden customer outreach, optimise sales and marketing strategies, and enhance AI capabilities.

The company aims to expand into overseas markets, starting with Europe, the Middle East, and Africa (EMEA). Founded in 2018, Dice provides a corporate spend orchestration, digital commerce, and payments platform for enterprises.

The startup’s connected ecosystem hosts over 5,00,000 employees and 1,50,000 vendors monthly and processes transactions worth USD 1.5 Billion annually.

Dice’s spend management solution leverages AI to improve the experience of enterprises consuming B2B goods and services and help manage enterprise spending. The company’s client portfolio includes Tata 1mg, BigBasket, Fino, Britannia, and DTDC, among others.

The funding will enable Dice to expand its product offerings, grow in overseas markets, and deliver more value to its clients. It also aims to accelerate its growth in India and the USA through the DVC Advantage program from Dallas Venture Capital.

Dice is expected to compete with Happay, Volopay, and others in a crowded spend management software market. The global business spend management software market is projected to grow to USD 57.22 Bn by 2032, at an 11.8% CAGR between 2024 and 2030.