FloBiz, which offers GST billing, accounting and inventory management tools for small and medium businesses, has raised $31 million in its Series B funding round led by Sequoia Capital India, Think Investments and existing investors Elevation Capital and Beenext.
The latest round also saw participation from angels including Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.
The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses, the startup said in a statement on Monday. FloBiz is also looking to triple the strength of its engineering, product & data teams within the next six months.
Besides, the company will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon, the statement added.
Earlier in March, FloBiz had raised $10 million in Series A financing from Elevation Capital and existing investors.
FloBiz’s flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables and payables, and access important business reports to enable efficient decision-making.
With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month, the company claimed.
myBillBook, which is currently available in English, Hindi, Gujarati & Tamil, will be launched in at least five more regional languages within the next six months. With over 5 million downloads across the country, myBillBook app claims to have a strong presence in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu, which account for more than half of its total user base.
FloBiz will continue to strengthen its presence in these regions while focusing on growth in others such as Bihar, Rajasthan, Karnataka and West Bengal.