Every small business has its own challenges to face during the course of its business, and accounting department is no different with perplexities of its own. On top of marketing and networking, the small business owner is also expected to keep a tab on his cashflow, keep his financial books organized and pay his staff on time, which is a burden sometimes too heavy to shoulder.
FloBiz is India’s first neobusiness platform, which builds mobile-first solutions to accelerate the growth of small and medium businesses through digitisation. MyBillBook, the accounting and billing app, is its flagship product which aids SMBs with GST billing, inventory management and mobile accounting.
FloBiz was co-founded in 2019 by IIT and BITS alumni Rahul Raj, Rakesh Yadav and Aditya Naik. It aims to introduce SMBs to the imaginative use of technology for running their business.
These are some of the features that MyBillBook helps SMBs with:
- Create professional invoices
- Manage inventory better
- Manage cashflow with ease
- Send payment reminders and collect payment digitally via UPI
- Manage business with 10+ analysis reports
MyBillBook App is available in both Android and Desktop versions, with provision to sync seamlessly between the two versions. The app is available both in English and Hindi; more languages are planned to be added. Data on the app is automatically backed up, and there is Whatsapp support. Traders, merchants, wholesalers, distributors & retailers find the app useful because of the intuitive interface and advanced security. Currently, the startup serves 2,500,000+ businesses in 40+ sectors, spread over 3000+ towns.
FloBiz has recently raised $10 million in a Series A round led by Elevation Capital. The round also saw participation from existing investors Greenoaks Capital and Beenext. It had earlier raised $3 million in a seed round in 2019.
The startup intends to use the funds for team expansion, product development, and accelerating sales and marketing initiatives.
“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.”
– Rahul Raj, Founder and CEO
FloBiz has more than 60 employees now and has grown 12 times as much in the last six months. The company is consciously designing their solutions for the growing SMB owners across India, and has a growing list of happy customers to be proud of.