Beenext, Elevation Capital join an Indian bookkeeping startup’s $10m round

India-based billing and accounting startup FloBiz has raised US$10 million in series A funding led by Elevation Capital. The round also saw participation from existing investors Greenoaks Capital and Beenext.

FloBiz founder and CEO Rahul Raj / Source: FloBiz

Founded in 2019, FloBiz offers the billing and accounting app myBillBook to small and medium businesses (SMBs). The platform, which was launched in early 2020, helps SMBs automate their workflows, maintain inventory, manage their receivables and payables, and download critical business reports.

The app is also available to small business users in regional languages Hindi, Gujarati, and Tamil, apart from English.

MyBillBook can be integrated with WhatsApp, which makes it possible for users to share invoices, purchase orders, business reports, and more with other merchants, accountants, and staff members.

FloBiz will use the fresh funding for team expansion, product development, and the acceleration of its sales and marketing efforts.

“With this additional funding, we plan to grow our trader base by at least 7x by 2022 through deeply focused product developments that are driven by user feedback and by making myBillBook simple to use through personalization,” said Rahul Raj, founder and CEO of FloBiz.

The company claims it has onboarded over 3 million SMBs onto the platform in the last six months, and that it has recorded over US$6 billion in annualized transaction volume.

FloBiz raised US$3 million in its seed stage round in 2019.