FloBiz, which offers an accounting and billing app targeted at small and medium businesses, has now secured $10 million in a Series A funding round backed by the Elevation Capital.
The round also saw participation from existing investors, which includes the Beenext and Greenoaks. FloBiz had earlier secured $3 million in a seed funding round in 2019.
The startup as of now has plans to use the latest funding round for the expansion of the team, accelerating its sales, product development, 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 a flagship product of the startup.
FloBiz was founded in 2019. It has a headcount of more than 60 and has grown 12 times as much in the last six months, with more than 3 million SMBs using its MyBillBook platform. The startup said that an annualized transaction volume of more than $6 billion had been recorded on its platform.
MyBillBook offers Whatsapp Integration, which makes it possible to share POs, invoices, business reports etc., with other accountants, merchants, and staff members. It is available in Hindi, English, Tamil, and Gujarati.
“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.
On investing in FloBiz, 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.”