Metaloop Innovation Labs operated neo business platform FloBiz on Tuesday announced that it raised $10 million (Rs 72.29 crore at current exchange rate) in a Series A round led by Elevation Capital.
The startup, whose flagship product is the billing and accounting app myBillBook, will utilise the fresh capital for team expansion, product development and growing sales and marketing efforts.
Existing investors Greenoaks Capital and Beenext also participated in the round.
“We strongly believe that our product myBillBook empowers SMBs by automating their workflows, helps maintain inventory better, manage their receivables & payables and download critical business reports for quick and efficient decision making on the go,” Rahul Raj, founder and CEO, FloBiz said in a statement.
“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,” he added.
Founded in 2019 by Raj, Rakesh Yadav and Aditya Naik, the Bengaluru based startup wants to digitise SMBs (small to medium businesses).
FloBiz claimed to have grown 12X in six months onboarding over 3 million SMBs and more than $6 billion annualised transaction volume recorded.
Its digital ledger product myBillBook offers WhatsApp integration, which makes it possible to share invoices, POs, business reports etc. easily with other merchants, accountants and staff members. The app is currently available in English, Hindi, Gujarati and Tamil.
That startup had earlier raised $3 million in its seed stage round in 2019. FloBiz competes with KhataBook, OkCredit, Vyapar and others in this space.