India's largest online business-to-business marketplace -- IndiaMart -- on Tuesday announced its investment in Vyapar, a mobile-based business accounting software for small businesses.
IndiaMart led the Series A investment round in Simply Vyapar Apps, owner of Vyapar, of Rs 36 crore along with the participation of existing investors India Quotient and Axilor.
Vyapar is an invoice accounting and stock inventory app with one million plus downloads and 4.6 app rating on Google Playstore. Small and medium businesses can use their app or desktop version for billing Goods and Services Tax (GST) invoices, managing stock inventory and accounting solutions.
"This investment in Vyapar, that is solving the complex billing and accounting needs of MSMEs in a simplified manner is aligned with our long- term vision to make doing business easy for millions of businesses by providing them tech-enabled easy and cost-effective solutions," said IndiaMart's Managing Director Dinesh Agarwal.
As of June 30, the company offers a platform to 88 million registered buyers to search from 62 million products and services, and get connected to over 5.6 million suppliers.
Vyapar's founder Sumit Agarwal said: "Our vision is to digitise every business in India and simplify the business processes that help them grow. IndiaMart's scale and expertise will help us achieve this goal faster, in turn transforming the MSME landscape in India.
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