FloBiz raises $10 mn in series A funding round led by Elevation Capital
By Leandra Monteiro
India’s SMB digitisation startup, FloBiz has raised $10 Mn in a Series A round led by Elevation Capital. The funding round also saw participation from existing investors Greenoaks Capital and Beenext. The company, which offers a billing and accounting app myBillBook as its flagship product, intends to use the capital for team expansion, product development and to accelerate sales and marketing efforts.
Due to numerous changes GST compliance, technology adoption and lately Covid-19, SMBs in India are getting more organised and formalised. However, the absence of affordable and easy-to-use solutions hinder the growth of SMBs significantly. In this respect, FloBiz’s mission is to accelerate the growth of Indian SMBs through digitisation.
“The MSME sector is the backbone to India’s GDP helping the country speed up to becoming a $5 trillion economy. Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools and products amongst small and medium business owners, who currently have to heavily rely on manual, paper-led processes. However, there lies a huge opportunity when it comes to providing end-to-end support and solutions to SMBs for managing their business seamlessly. We strongly believe that our product myBillBook empowers SMBs by automating their workflows, helps maintain inventory better, manage their receivables & payables and download critical business reports for quick and efficient decision making on the go. With this additional funding we plan to grow our trader base at least 7X by 2022 through deeply focused product developments driven by user feedback and making myBillBook simple to use through personalization” said Rahul Raj, Founder and CEO, FloBiz
Commenting on the announcement, Mridul Arora, Managing Director, Elevation Capital said “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. We were very impressed with the customer love and the depth of usage of the product across the SMB value chain – retailers, distributors, wholesalers and manufacturers. The optionalities opened by capturing deep users across the supply chain are enormous, and we look forward to partnering with the team as they execute on their extensive product road-map.”
FloBiz understands the diverse SMB sector and focuses on catering to businesses across the value chain. It’s flagship product myBillBook offers numerous capabilities – recording several types of transactions (sales, purchases, expenses etc.), maintaining inventory, managing receivables & payables, building business reports (profit & loss, stock summary, sales summary etc.), providing multi-user access with permission controls and many more. The solutions bring complete accounting capabilities on a mobile interface which can be used by any small business owner in their regional language.
Prior to the $10 Mn Series A capital raise, FloBiz raised $3 Mn in its seed stage round in 2019. FloBiz is now a 60+ member team and has grown 12X in the last 6 months with 3M+ small and medium businesses on-boarded on the platform and $6B+ annualised transaction volume recorded.