CHENNAI, SEP 20
FloBiz, a neobank for the growing Indian SMBs, on Monday announced that it has raised $31 million in Series B round led by Sequoia Capital India, Think Investments and its existing investors Elevation Capital & Beenext, says a release.
FloBiz is now supercharged with a new recharge of $31M Series B fundraise. #BuildingForBharat
Read this article curated by Manish Singh (@refsrc) from @TechCrunch to know about the journey of #FloBiz to becoming India’s largest neobank for Indian #SMBshttps://t.co/aLrU4C6Txg pic.twitter.com/WVqMiyru8C
— FloBiz (@FloBizOfficial) September 20, 2021
The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.
At FloBiz, we’re Building for Bharat with the mission to accelerate the growth of #SMBs through #digitisation and #technology. We couldn’t be more grateful for the journey we’ve had thus far and couldn’t be more thrilled about what lies ahead. #BuildingForBharat #SMEs
— FloBiz (@FloBizOfficial) September 20, 2021
The latest round also saw participation from renowned angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9 Unicorns and Whiteboard Capital, the statement added.
FloBiz’s flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access important business reports to enable efficient decision making. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month.
myBillBook, which is currently available in English, Hindi, Gujarati & Tamil, has consistently been a top rated app on Google Play Store under the Business category. The company aims to launch the app in at least 5 more regional languages within the next 6 months. The product will also see deeper use of technologies like AI & image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India a delightful first step to digital accounting.
“SMBs form a large part of our economy and our daily lives. Everyone in the FloBiz team is driven by a deep passion to create an impact by powering growth of the small & medium businesses around us. It has translated into our thoughtful product development process and widespread customer obsession across the organization,” said Rahul Raj, co-founder & CEO of FloBiz.
“In addition to our current investors, we’re extremely thrilled to have Sequoia Capital India & Think Investments along with such a stellar set of angels back us on our mission. This raise will help us accelerate projects which have been in the works up till now – building personalisable modules & features into myBillBook, diversifying core product offerings and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months.”
“Small businesses are the real heroes of our economy. In order to power the SMB economy with technology, one needs deep understanding, instinct and empathy for this audience. We are really impressed by the user centricity, product focus and experimentative approach of the FloBiz founders. There is almost a perfect founder market fit. The team is stoked to partner with FloBiz on their mission of building a neobank for the growing SMBs of India,” said Tejeshwi Sharma, Managing Director, Sequoia Capital India.
“As consumers, most SMB owners are exposed to best-in-class apps and software products. With the rapid acceleration in digital adoption over the last 18 months, the need for business tools and software that match those high standards is more acute than ever – myBillBook is a leader in this segment. We are privileged to deepen our partnership with FloBiz as they continue to build myBillBook & more delightful SMB products and expand the FloBiz platform to become the neobank of choice for SMB owners”, said Mridul Arora, Partner, Elevation Capital.
