Total amount raised
$44 Millions
Latest funding date
09/01/2021
Location
FloBiz has successfully raised funds through multiple rounds, with the latest being a Series B round. The company offers a mobile-first solution, myBillBook, designed to help small and medium businesses (SMBs) in India with GST billing and accounting.
Keep reading to explore the intricacies of FloBiz's fundraising journey and the investors backing this innovative platform.
What Is FloBiz?
FloBiz, founded in 2019, is a Bengaluru-based company that provides digital solutions for small and medium businesses (SMBs) in India. The company was established by Aditya Naik, Rahul Raj, and Rakesh Yadav.
Operating in industries such as billing, mobile apps, and payments, FloBiz aims to accelerate the growth of SMBs through its flagship product, myBillBook. This GST billing and accounting software offers features like professional invoicing, inventory tracking, and payment reminders.
With an employee count ranging from 51 to 100, FloBiz continues to innovate and support SMBs in managing their business operations efficiently.
How Much Funding Has FloBiz Raised?
- Seed Round
- Amount Raised: $3M
- Date: February 2019
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their flagship product, myBillBook, and establish a foothold in the SMB market.
- Series A
- Amount Raised: $10M
- Date: March 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance product features to better serve SMBs.
- Series B
- Amount Raised: $31M
- Date: September 2021
- Lead Investors: Sequoia Capital India, Think Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team, develop new product features, scale distribution, and prepare for entry into financial services.
Total Amount Raised: $44M. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital India
- Details: Sequoia Capital India is a leading venture capital firm that invests in early and growth-stage companies across various sectors. They have a strong presence in India and Southeast Asia.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: BYJU'S, Zomato, OYO, Freshworks.
- Think Investments
- Details: Think Investments is an investment firm that focuses on long-term investments in public and private companies globally. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, consumer, public and private equity.
- Notable Investments: Flipkart, Swiggy.
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that invests in early-stage startups in India. They have a strong focus on technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology startups in India, Southeast Asia, Japan, and the USA. They focus on supporting innovative tech companies.
- Investment Focus Areas: Fintech, e-commerce, SaaS.
- Notable Investments: NoBroker, Open, Khatabook.
- 9Unicorns
- Details: 9Unicorns is an accelerator fund that invests in early-stage startups across various sectors. They provide mentorship and support to help startups scale.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Shiprocket, Fynd, Beardo.
What's Next for FloBiz?
FloBiz stands at the cusp of significant growth opportunities. With plans to expand its team, develop new product features, and scale distribution, the company is poised to serve an even larger segment of India's SMB market. The potential to venture into financial services and add more regional languages to myBillBook further underscores the vast opportunities ahead.
Given the successful Series B round and backing from high-profile investors, future fundraising seems promising. This capital will likely support further product development and market expansion. However, challenges such as competition from other fintech startups and ensuring seamless integration of new features remain. Navigating regulatory requirements for financial services will also be crucial as FloBiz continues its growth trajectory.
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