Bengaluru: Digitisation startup for small and medium corporations, FloBiz on Tuesday explained it has raised $10 million as a part of its Sequence A funding spherical led by Elevation Cash. The most recent round also saw participation from existing investors Greenoaks Money and Beenext.
FloBiz will use the money to improve its billing and accounting application for small businesses, for group expansion and merchandise growth, and to speed up product sales and promoting endeavours.
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Prior to the existing funding, FloBiz had lifted $3 million as a part of its seed stage spherical in 2019.
The startup’s flagship product, myBillBook allows tiny businesses to file various types of transactions like gross sales, buys and fees. It also allows tiny organizations retain their stock, regulate receivables and payables, although developing enterprise summary describing revenue and loss and income of a business.
“Access to smartphones and online penetration with reasonably priced knowledge programs have led to a fast developing desire for digital tools amongst tiny and medium enterprise owners. We strongly feel that our solution myBillBook empowers SMBs by automating their workflows, aids keep stock better, regulate their receivables and payables as well as down load significant company studies for speedy and effective decision earning on the go,” claims Rahul Raj, founder and chief executive at FloBiz.
Raj adds that with this supplemental funding FloBiz programs to increase its trader base 7-occasions by 2022. Because of to the pandemic, the corporation promises to have found more than 3 million merchants using on to its platform with extra than $6 billion in annualised transaction volume recorded.
“Digitisation of SMBs is an irreversible development and we have been really impressed with FloBiz’s cellular-very first, base-up merchandise led tactic to capture this opportunity. We think that myBillBook is developing for foundational, deep use-circumstances for this section generating the solution indispensable to the SMB house owners,” stated Mridul Arora, controlling director, Elevation Cash
FloBiz’s myBillBook also provides integration with messaging support WhatsApp, which would make it possible to share invoices, organization reviews with other merchants, accountants and staff members users. The app is at present offered in English, Hindi, Gujarati and Tamil.