Business-to-business (B2B) marketplace IndiaMART has led a Series A funding round worth ₹36 crore into ‘Vyapar,’ a mobile-based billing and accounting software targeted at small businesses.
The Series A investment round also saw participation from existing investors including India Quotient and Axilor.
Vyapar is a Bengaluru based start-up co-founded in 2016 by Sumit Agarwal and Ruqiya Irum which offers a mobile-based app to small businesses to manage their daily billing and accounting operations.
With over 1 million downloads of its Android app, Vyapar also separately offers a desktop version for billing Goods and Services Tax (GST) invoices, managing stock inventory, and accounting.
“Over the last two decades IndiaMART has effectively overcome the problem of access to market and technology by building a digital marketplace for MSMEs. This investment in Vyapar, that is solving the complex billing and accounting needs of MSMEs in a simplified manner, is aligned with our long term vision to make doing business easy for millions of businesses by providing them tech-enabled easy and cost effective solutions," said Dinesh Agarwal, Managing Director, IndiaMART in a statement.
"At Vyapar, our vision is to digitize every business in India and simplify the business processes that help them grow. IndiaMART’s scale and expertise will help us achieve this goal faster in turn transforming the MSME landscape in India," added Vyapar founder Sumit Agarwal.
Founded in 1999, IndiaMART is one of the leading players in the online B2B marketplace for sourcing business products and services, connecting buyers with suppliers. This is IndiaMart’s first investment into a startup after its initial public offering (IPO) which announced in June.
Vyapar is one of the many brands in the B2B space to attract investor attention in the last one year. Apart from software as a service (SaaS) products, robotics, logistics, and trucking have witnessed several notable deals. Mumbai-based Peelwroks, a SaaS startup focused on offline retailers, had raised $5 million in a Series B round led by Equanimity Ventures in May.
In April, mobile analytics and marketing startup CleverTap on had raised $26 million in a Series B funding round led by Sequoia India. In March, Bengaluru-based Fyle, which provides expense management software for enterprises, had raised $4.2 million in a Series A round led by Tiger Global.