FloBiz plans to expand customer base with myBillBook app, says the start-up founder and CEO Rahul Raj.
MUMBAI, Mar 24 (The Connect) – FloBiz, a startup focused on digitisation small and medium businesses, has raised $10 Mn in a Series A round led by Elevation Capital. The latest 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 accelerate sales and marketing efforts.
Driven by multiple tailwinds such as mobile and data penetration, GST compliance, technology adoption and lately Covid-19, historically dispersed SMBs in India are getting organised and formalised. Technology advancement and digitisation push have led to several transformations in the sector, essential software like custom ERPs and legacy accounting systems still come at a very high cost, require considerable technical know-how and prior accounting knowledge.
As the absence of affordable and easy-to-use solutions hinder the growth of SMBs significantly. FloBiz’s mission is to unlock this access and accelerate the growth of these businesses through digitisation. In this endeavour, the company has re-designed the complete user experience and created a superior software product.
Rahul Raj, Founder and CEO, FloBiz, said “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”.
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.
FloBiz has earlier raised $3 Mn in its seed stage round in 2019. The company is now a 60+ member team of talented individuals 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. FloBiz’s flagship app myBillBook offers seamless WhatsApp integration which makes it possible to share invoices, POs, business reports etc. easily with other merchants, accountants and staff members. The app has been designed from a business owner’s perspective rather than an accountant’s, and is currently available in English, Hindi, Gujarati & Tamil.