FloBiz, an Indian startup that’s constructing a neobank for small- and medium-sized companies within the South Asian market, stated on Monday it has raised $31 million in a brand new financing spherical as it really works to broaden its product choices.
Sequoia Capital India and Assume Investments co-led the 18-month-old startup’s Collection B financing spherical. Present traders Elevation Capital and Beenext additionally participated within the spherical, which brings FloBiz‘s all-time increase to over $41 million.
The startup’s marquee providing — referred to as myBillBook — helps small- and medium-sized companies digitize their invoicing, streamline enterprise accounting, and automate workflows of their enterprises.
India, the world’s second largest web market, is house to tens of millions of small- and medium-sized companies. Scores of startups have launched neobanks within the nation in recent times to concentrate on serve millennials or companies.
“SME-focussed neobanks are constructing engagement with business- purchasers by means of their capability to supply options like automated invoicing, collections/funds, accounting, stock and gross sales administration, taxes and in some circumstances curiosity on present deposits as properly (banks can’t pay curiosity). This will assist to ramp- up and upfront their monetisation prospects,” analysts at Jefferies wrote in a report back to purchasers final week.
myBillBook, which helps Hindi, Gujarati and Tamil in addition to English, will add assist for “at the least” 5 extra regional languages inside the subsequent six months, the startup stated, including that the app has been downloaded over 5 million instances.
“The product may even see deeper use of applied sciences like AI & picture processing to make the onboarding course of for the much less tech-savvy SMB homeowners in tier 2 and tier 3 cities of India a pleasant first step to digital accounting,” the startup stated.
Scores of high-profile entrepreneurs — together with Vijay Shekhar Sharma of Paytm, Kunal Shah of CRED, Jiten Gupta of Jupiter, Amrish Rau of Pine Labs, Krishnan Menon of BukuKas, and Nitin Gupta of Uni Playing cards — have additionally backed FloBiz within the new financing spherical.
“Small companies are the true heroes of our financial system. In an effort to energy the SMB financial system with know-how, one wants deep understanding, intuition and empathy for this viewers,” stated Tejeshwi Sharma, Managing Director of Sequoia Capital India, in an announcement.
“We’re actually impressed by the person centricity, product focus and experimentative method of the FloBiz founders. There’s virtually an ideal founder market match. The group is stoked to accomplice with FloBiz on their mission of constructing a neobank for the rising SMBs of India.”
Rahul Raj, co-founder and chief govt of FloBiz, stated the startup will deploy the recent capital to “speed up tasks which have been within the works up until now – constructing personalisable modules & options into myBillBook, diversifying core product choices and making ready to roll out monetary companies. We now have a slew of developments within the pipeline to additional delight our SMB companions within the subsequent 12 months.”