Home / Tech / FloBiz raises $31 million to scale its neobank for small companies in India – TechCrunch

FloBiz raises $31 million to scale its neobank for small companies in India – TechCrunch

FloBiz, an Indian startup this is development a neobank for small- and medium-sized companies within the South Asian marketplace, mentioned on Monday it has raised $31 million in a brand new financing spherical as it really works to increase its product choices.

Sequoia Capital India and Assume Investments co-led the 18-month-old startup’s Sequence B financing spherical. Current traders Elevation Capital and Beenext additionally participated within the spherical, which brings FloBiz‘s all-time elevate to over $41 million.

The startup’s marquee providing — referred to as myBillBook — is helping small- and medium-sized companies digitize their invoicing, streamline enterprise accounting, and automate workflows in their enterprises.

India, the sector’s 2nd biggest web marketplace, is house to hundreds of thousands of small- and medium-sized companies. Ratings of startups have introduced neobanks within the nation lately to concentrate on serve millennials or companies.

“SME-focussed neobanks are development engagement with business- purchasers via their talent to offer answers like automatic invoicing, collections/bills, accounting, stock and gross sales control, taxes and in some circumstances hobby on present deposits as smartly (banks can’t pay hobby). This will assist to ramp- up and in advance their monetisation potentialities,” analysts at Jefferies wrote in a report back to purchasers remaining week.

myBillBook, which helps Hindi, Gujarati and Tamil in addition to English, will upload fortify for “no less than” 5 extra regional languages throughout the subsequent six months, the startup mentioned, including that the app has been downloaded over five million instances.

“The product may even see deeper use of applied sciences like AI & symbol processing to make the onboarding procedure for the fewer tech-savvy SMB house owners in tier 2 and tier three towns of India a pleasing first step to virtual accounting,” the startup mentioned.

Ratings of high-profile marketers — together with Vijay Shekhar Sharma of Paytm, Kunal Shah of CRED, Jiten Gupta of Jupiter, Amrish Rau of Pine Labs, Krishnan Menon of BukuKas, and Nitin Gupta of Uni Playing cards — have additionally subsidized FloBiz within the new financing spherical.

“Small companies are the actual heroes of our economic system. To be able to energy the SMB economic system with generation, one wishes deep working out, intuition and empathy for this target market,” mentioned Tejeshwi Sharma, Managing Director of Sequoia Capital India, in a remark.

“We’re in point of fact inspired by way of the person centricity, product focal point and experimentative method of the FloBiz founders. There’s nearly a really perfect founder marketplace have compatibility. The group is stoked to spouse with FloBiz on their venture of establishing a neobank for the rising SMBs of India.”

Rahul Raj, co-founder and leader government of FloBiz, mentioned the startup will deploy the recent capital to “boost up initiatives which were within the works up until now – development personalisable modules & options into myBillBook, diversifying core product choices and making ready to roll out monetary products and services. We have now a slew of traits within the pipeline to additional pride our SMB companions within the subsequent 12 months.”

FloBiz, an Indian startup this is development a neobank for small- and medium-sized companies within the South Asian marketplace, mentioned on Monday it has raised $31 million in a brand new financing spherical as it really works to increase its product choices.

Sequoia Capital India and Assume Investments co-led the 18-month-old startup’s Sequence B financing spherical. Current traders Elevation Capital and Beenext additionally participated within the spherical, which brings FloBiz‘s all-time elevate to over $41 million.

The startup’s marquee providing — referred to as myBillBook — is helping small- and medium-sized companies digitize their invoicing, streamline enterprise accounting, and automate workflows in their enterprises.

India, the sector’s 2nd biggest web marketplace, is house to hundreds of thousands of small- and medium-sized companies. Ratings of startups have introduced neobanks within the nation lately to concentrate on serve millennials or companies.

“SME-focussed neobanks are development engagement with business- purchasers via their talent to offer answers like automatic invoicing, collections/bills, accounting, stock and gross sales control, taxes and in some circumstances hobby on present deposits as smartly (banks can’t pay hobby). This will assist to ramp- up and in advance their monetisation potentialities,” analysts at Jefferies wrote in a report back to purchasers remaining week.

myBillBook, which helps Hindi, Gujarati and Tamil in addition to English, will upload fortify for “no less than” 5 extra regional languages throughout the subsequent six months, the startup mentioned, including that the app has been downloaded over five million instances.

“The product may even see deeper use of applied sciences like AI & symbol processing to make the onboarding procedure for the fewer tech-savvy SMB house owners in tier 2 and tier three towns of India a pleasing first step to virtual accounting,” the startup mentioned.

Ratings of high-profile marketers — together with Vijay Shekhar Sharma of Paytm, Kunal Shah of CRED, Jiten Gupta of Jupiter, Amrish Rau of Pine Labs, Krishnan Menon of BukuKas, and Nitin Gupta of Uni Playing cards — have additionally subsidized FloBiz within the new financing spherical.

“Small companies are the actual heroes of our economic system. To be able to energy the SMB economic system with generation, one wishes deep working out, intuition and empathy for this target market,” mentioned Tejeshwi Sharma, Managing Director of Sequoia Capital India, in a remark.

“We’re in point of fact inspired by way of the person centricity, product focal point and experimentative method of the FloBiz founders. There’s nearly a really perfect founder marketplace have compatibility. The group is stoked to spouse with FloBiz on their venture of establishing a neobank for the rising SMBs of India.”

Rahul Raj, co-founder and leader government of FloBiz, mentioned the startup will deploy the recent capital to “boost up initiatives which were within the works up until now – development personalisable modules & options into myBillBook, diversifying core product choices and making ready to roll out monetary products and services. We have now a slew of traits within the pipeline to additional pride our SMB companions within the subsequent 12 months.”

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