SMB digitisation startup FloBiz raises $10 mn from Elevation Capital, others
1 min read 23 Mar 2021, 11:44 AM ISTFloBiz will use the funds to grow its billing and accounting app for small businesses, and also for team expansion, product development and to accelerate sales and marketing efforts.
PremiumBengaluru: Digitisation startup for small and medium businesses, FloBiz on Tuesday said it has raised $10 million as a part of its Series A funding round led by Elevation Capital. The latest round also saw participation from existing investors Greenoaks Capital and Beenext.
FloBiz will use the funds to grow its billing and accounting app for small businesses, for team expansion and product development, and to accelerate sales and marketing efforts.
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Prior to the current funding, FloBiz had raised $3 million as a part of its seed stage round in 2019.
The startup’s flagship product, myBillBook allows small businesses to record several types of transactions including sales, purchases and expenses. It also helps small businesses maintain their inventory, manage receivables and payables, while building business summary describing profit and loss and sales of a business.
“Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools amongst small and medium business owners. We strongly believe that our product myBillBook empowers SMBs by automating their workflows, helps maintain inventory better, manage their receivables and payables as well as download critical business reports for quick and efficient decision making on the go," says Rahul Raj, founder and chief executive at FloBiz.
Raj adds that with this additional funding FloBiz plans to grow its trader base 7-times by 2022. Due to the pandemic, the company claims to have seen more than 3 million merchants taking on to its platform with more than $6 billion in annualised transaction volume recorded.
“Digitisation of SMBs is an irreversible trend and we have been very impressed with FloBiz’s mobile-first, bottom-up product led approach to capture this opportunity. We believe that myBillBook is building for foundational, deep use-cases for this segment making the product indispensable to the SMB owners," said Mridul Arora, managing director, Elevation Capital
FloBiz’s myBillBook also offers integration with messaging service WhatsApp, which makes it possible to share invoices, business reports with other merchants, accountants and staff members. The app is currently available in English, Hindi, Gujarati and Tamil.
