 "SME-focused startup Flobiz raises $10 million from Elevation, others")
SME-focused digitisation startup Flobiz on Tuesday said it has raised USD 10 million (about Rs 72.5 crore) in a series-A round from Elevation Capital and existing investors Greenoaks Capital and Beenext.
In earlier rounds, the company had raised USD 3 million in the seed stage round in 2019.
Flobiz intends to use the capital for talent expansion, product development and accelerate sales and marketing efforts.
The absence of affordable and easy-to-use solutions for digitisation hinders the growth of small businesses, and Flobiz strives to digitise them for unlocking their value and accelerating growth by providing them with end-to-end support and solutions for managing their business.
"With this additional funding, we plan to grow our trader base at least multiple times by the end of FY22 through deeply focused product developments driven by user feedback and making our flagship product Mybillbook simple to use through personalisation," Rahul Raj, founder and chief executive at Flobiz, said.
Mybillbook is an app, offering seamless Whatsapp integration that makes it possible to share invoices, POs, business reports etc easily with other merchants, accountants and staff members. The app is currently available in English, Hindi, Gujarati and Tamil.
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Mridul Arora of Elevation Capital said digitisation of small businesses is an irreversible trend and we have been very impressed with Flobiz's mobile-first, bottom-up product-led approach to capture this opportunity through their Mybillbook.
Flobiz claims that it has grown multiple times in the past six months and has a customer base of over 3 million small and medium businesses with a collective transaction volume of USD 6 billion.
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