FloBiz, a tech startup that provides a billing and accounting application for SMBs (small and medium businesses), has reportedly secured USD 10 million funding in a Series A round led by Elevation Capital. Sources close to the matter stated that investors Beenext and Greenoaks Capital also participated in the round.

For the record, in 2019, FloBiz had raised USD 3 million in a seed round. With its latest funding, the startup intends to use it to expand its staff, create new products, and accelerate its sales and marketing efforts, cited credible sources.

It is worth noting that MyBillBook is the company's flagship product which has WhatsApp integration, allowing users to exchange invoices, POs, company records, and other documents with other retailers, accountants, and employees. It is available in Hindi, English, Tamil, and Gujarati, sources with relevant information cited.

The company believes that factors like internet penetration, goods and services tax enforcement, and small business technology adoption, would aid in its expansion.

Rahul Raj, Founder, and CEO at FloBiz, reportedly said that they are confident that myBillBook will continue to empower small businesses by automating workflows, assist with inventory management, manage receivables and payables, and download analytical business reports for fast and efficient decision-making on the go.

Mridul Arora, MD at Elevation Capital, expressed that the digitization of SMBs is an irreversible development, and they are enthralled with the startup’s mobile-first, bottom-up product-led strategy to seize this opportunity.

According to official figures from 2015-16, India has approximately 63 million small and medium-sized businesses. 44 million, or roughly 70%, are unregistered, while the remaining 19.5 million are officially registered, cited reliable sources.

As the country entered lockdown in 2020, several businesses planned to capitalize on the opportunities in this sector. SMBs in India started to take digitization seriously and began to invest in solutions that will make bookkeeping, inventory management, and digital transactions simpler and more effective, indicating a positive future for FloBiz.

Source Credit –

https://yourstory.com/2021/03/funding-alert-flobiz-raises-10-million-series-a-round