Tech startup FloBiz, which provides a billing and accounting app aimed at small and medium businesses (SMB), has secured $10 million in a Series A round led by Elevation Capital.
The round also witnessed participation from existing investors Greenoaks Capital and Beenext. FloBiz had previously raised $3 million in a seed round in 2019.
The startup intends to utilize the latest round of funding to strengthen its team, product development, and boosting its sales and marketing initiatives.
FloBiz Founder and CEO Rahul Raj 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.”
MyBillBook is the chief product of the startup. Founded in 2019, FloBiz has a headcount of more than 60 and has grown 12 times as much in the last six months, with more than three million SMBs using its myBillBook platform.
The startup stated that an annualized transaction volume of more than $6 billion has been registered on its platform.
MyBillBook provides WhatsApp integration, which makes it possible to share invoices, POs, business reports, etc. with other merchants, accountants, and staff members. It is available in English, Hindi, Gujarati, and Tamil languages.
As stated by FloBiz, tailwinds such as internet penetration, goods, and services tax compliance, and technology adoption by small businesses will enhance its growth.
“We strongly believe that our product myBillBook empowers SMBs by automating their workflows, helps maintain inventory better, manage their receivables and payables, and download critical business reports for quick and efficient decision-making on the go,” said Rahul.
Commenting on the investment, Elevation Capital Managing Director Mridul Arora 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 SMB owners.”