Indian tech startup FloBiz, which helps in digitizing medium and small businesses, has reportedly raised USD 31 million in a Series B funding which was led by venture capital firm Sequoia Capital India, Think Investments, as well as investors like Beenext and Elevation Capital.

The event also witnessed participation from angel investors Kunal Shah (CRED), Vijay Shekhar Sharma (Paytm), Jiten Gupta (Jupiter), Nitin Gupta (Uni Cards), Amrish Rau (Pine Labs), Krishnan Menon (BukuKas), Whiteboard Capital, and 9Unicorns, among others.

FloBiz plans to use the fresh funds for product development, team expansion, and scaling distribution to serve more businesses. It will further emphasize developing additional technical capabilities in the organization as it plans to enter into financial services soon.

Notably, the startup had also raised USD 10 million in a Series A funding round held in March 2021, led by Elevation Capital and other existing investors.

Rahul Raj, co-founder, and CEO of FloBiz was quoted saying that the company is elated to have companies like Sequoia Capital and Think Investments as its major investors.  He further added that the funds will help the startup in boosting ongoing projects including the addition of customizable modules and features into the myBillBook application, and diversification of core product lines.

Meanwhile, Managing Director of Sequoia Capital India, Tejashwi Sharma commented on the latest investment, saying that the company is thrilled to collaborate with FloBiz to fulfill its mission of developing a neobank for SMBs in the country. Small businesses are the backbone of the nation’s economy and need to be technologically empowered, she added.

The tech startup had launched myBillBook in 2020 to enable SMBs to streamline business accounting, digitize invoicing, and automate the workflow of businesses. It further helps enterprises to manage receivables & payables, access business reports, and maintain inventory.

Presently, the application has more than a million active users per month, that record transaction worth nearly USD 1 billion every month.

Source Credits:

https://economictimes.indiatimes.com/tech/funding/flobiz-raises-31-million-in-series-b-from-sequoia-capital-india-others/articleshow/86362900.cms