Sequoia Capital leads $31m funding in Indian fintech startup FloBiz

Photo: Pixabay

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.