India’s SaaS-based accounting startup HostBooks has raised US$5 million in funding from Orange Orbit LLP as part of a US$15 million Series B funding round.

The first tranche of US$2.5 million was disbursed earlier in this round.

The company plans to use the funds to expand its AI-driven product offerings, improve its global reach, and strengthen its sales, marketing, and operations teams.

Founded in 2009 by Kapil Rana, HostBooks provides cloud-based solutions for businesses facing compliance, accounting, finance, and operational issues.

The company also uses AI and machine learning to enhance operational controls.