Samreen Ahmad · · 1 min readSequoia co-leads $31m round of Indian business management app
FloBiz, an India-based digitization startup for small and medium-sized businesses (SMBs), has raised US$31 million in a series B round co-led by Sequoia Capital India and Think Investments.
Team FloBiz / Photo credit: FloBiz
Existing investors Elevation Capital and Beenext also participated in the round, alongside angel backers such as Paytm founder Vijay Shekhar Sharma, Cred founder Kunal Shah, and Pine Labs CEO Amrish Rau.
The capital will be deployed for team expansion and product development, with FloBiz looking to triple the head count of its engineering, product, and data teams within the next six months. The startup is also preparing to venture into financial services soon.
FloBiz’s flagship product, myBillBook, was launched in January 2020 to help SMBs digitize invoicing, streamline business accounting, and automate workflows in their operations.
The company says that it has more than 1 million monthly active users, who record a total of over US$1 billion worth of transactions on myBillBook every month.
The app is currently available in English, Hindi, Gujarati, and Tamil. The company aims to launch the app in at least five more regional languages within the next six months.
FloBiz raised US$10 million in a series A round in March.
See also: UOB battles Sea, Gojek in Indonesia with TMRW digital bank
Editing by Miguel Cordon and Lorenzo Kyle Subido
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