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Knit secures funding from Endiya and Axilor for its unified API platform


Knit secures funding Endiya Axilor

Endiya Partners and Axilor Ventures co-led a $1 million seed funding round for the Bengaluru-based SaaS startup Knit.

Knit will use the extra funds to enhance its products and integrate GenAI technologies into its operations. Knit is a 2024 startup founded by Yasharth Mishra. This platform has a unified API that helps companies connect data from various SaaS solutions. It allows them to access this data within other SaaS products and on their main communication platforms. For example, clients can utilize the Knit API to establish connections with various SaaS platforms and workplace chat technologies, like Freshteams, Slack, Workday, Greenhouse, Rippling, and BambooHR. 

Knit's website provides a single API platform for businesses to easily incorporate third-party services. These services include accounting, expense management, HRIS, ATS, CRM, payroll, compliance, and verification. According to the three-month-old startup, its clientele includes Onsurity, Multiplier, Razorpay, Lealine, Callify, and Scrut Automation. Razorpay offers RazorpayX, a comprehensive payroll platform for businesses, ensuring seamless payment transfers to employees. 

Previously, Razorpay collected employee data from its clients' HRMS systems, usually in CSV or Excel formats, which sometimes contained errors. The creator believes that developers would greatly benefit from the integration of GenAI, leading to increased usage of API tools. Reading API documentation and understanding data fields and endpoints can be challenging for developers before creating connectors, transformers, and loaders for integration.

Knit intends to use a portion of the funds raised to advance its ambitions for growth and broaden its client base in the US and other areas. In the unified API market, Knit has competition from companies like Boomi, Tray.io, Unified.to, Finch Workato, Boomi, and Zapier. These substitutes function in a comparable manner and enable businesses to use a single API to link their different SaaS tools.

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