SMB digitisation start-up FloBiz has raised $10 million in a Series A round led by Elevation Capital. The latest round also saw participation from existing investors Greenoaks Capital and Beenext. The company, which offers a billing and accounting app myBillBook, as its flagship product, intends to use the capital for team expansion, product development and accelerate sales and marketing efforts.

Before this, FloBiz raised $3 million in its seed stage round in 2019. The start-up is now a 60+ member team. It has grown 12X in the last six months with three million-plus small and medium businesses on-boarded on the platform and $6 billion + annualised transaction volume recorded. FloBiz’s flagship app myBillBook offers seamless WhatsApp integration, making it possible to share invoices, POs, business reports etc., easily with other merchants, accountants and staff members. The app has been designed from a business owner’s perspective rather than an accountant’s and is currently available in English, Hindi, Gujarati and Tamil.

“The MSME sector is the backbone to India’s GDP, helping the country speed up to becoming a $5 trillion economy. Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools and products amongst small and medium business owners, who currently have to heavily rely on manual, paper-led processes. However, there lies a huge opportunity when it comes to providing end-to-end support and solutions to SMBs for managing their business seamlessly. We strongly believe that our product myBillBook empowers SMBs by automating their workflows, maintaining inventory better, managing their receivables & payables and download critical business reports for quick and efficient decision-making on the go. With this additional funding, we plan to grow our trader base at least 7X by 2022 through deeply focused product developments driven by user feedback and making myBillBook simple to use through personalization” said Rahul Raj, founder and CEO, FloBiz, in a statement.

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