FloBiz, an Indian neobank for the Indian SMBs, raised $31m in Series B funding.
The round was ed by Sequoia Capital India, Think Investments and its existing investors Elevation Capital & Beenext, with participation from angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.
The company intends to use the funds for team expansion, product development and scaling distribution. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.
Rahul Raj, co-founder & CEO, FloBiz provides, myBillBook, which, launched in January 2020, allows SMB owners to digitize invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access business reports. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month.
myBillBook is currently available in English, Hindi, Gujarati & Tamil. The company aims to launch the app in at least 5 more regional languages within the next 6 months. With over 5 million downloads across the country, myBillBook app is present in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu. FloBiz will continue to strengthen its presence in these regions while focusing on growth in others such as Bihar, Rajasthan, Karnataka and West Bengal.