Bengaluru-based business solutions platform Simply Vyapar Apps has raised Rs 36 crore in a Series A funding round led by business-to-business (B2B) online marketplace IndiaMart InterMesh.
Existing investors like Mumbai-based early-stage investment firm India Quotient and Bengaluru-based accelerator and seed fund Axilor Ventures also participated in the funding round, an official statement said.
Simply Vyapar Apps runs an invoice accounting and stock inventory app called Vyapar. The application allows small and medium businesses access to solutions which help manage goods and services tax (GST) invoices, stock inventory and accounting.
The startup will leverage the funds for growing its customer base and developing major functionalities to provide more business solutions for micro, small and medium enterprises (MSMEs). Simply Vyapar Apps also plans to help develop solutions for the manufacturing sector, the statement said.
“At Vyapar, our vision is to digitize every business in India and simplify the business processes that help them grow. Indiamart’s scale and expertise will help us achieve this goal faster, in turn, transforming the MSME landscape in India,” said Sumit Agarwal, founder, Vyapar.
Last October, India Quotient had invested Rs 5 crore in Simple Vyapar Apps. In the same funding round, Axilor Ventures invested Rs 70 lakh while an unnamed angel investor put in Rs 30 lakh.
Simply Vyapar was among the 20 startups selected by Axilor during its 2017 accelerator programme.
The startup was founded in 2016 by Shubham Agarwal and former executives of fashion ecommerce platform Spoyl Sumit Agarwal and Ruqiya Irum.
IndiaMart had floated its initial public offering (IPO) on June 24, which closed on June 26. Multi-stage investment firm SAIF Partners, hedge fund Hornbill Capital Advisors and sovereign wealth fund Kuwait Investment Authority were among the investors to have subscribed to IndiaMart InterMesh’s IPO.