FloBiz, an India-based digitization startup for small and medium-sized businesses (SMBs), has brought US$31 million up in a series B round co-led by Sequoia Capital India and Think Investments.
Existing investors Elevation Capital and Beenext additionally took an interest in the round, close by angel backers, for example, Paytm founder Vijay Shekhar Sharma, Cred founder Kunal Shah, and Pine Labs CEO Amrish Rau.
The capital will be deployed for team extension and product development, with FloBiz hoping to significantly increase the head count of its engineering, product, and information teams within the next a half year. The startup is additionally getting ready to venture into financial services soon.
FloBiz’s flagship product, myBillBook, was launched in January 2020 to assist SMBs with digitizing invoicing, streamline business accounting, and automate workflows in their operations.
The organization 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 application is presently accessible in English, Hindi, Gujarati, and Tamil. The organization intends to launch the application in at least five more regional languages within the next six months.
FloBiz brought US$10 million up in a series A round in March.
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