FloBiz, a Bengaluru, India-based neo bank for the Indian SMBs, raised $31m in a Series B funding round led by Sequoia Capital India.
Existing investors Elevation Capital & Beenext, with participation from angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.
The company intends to use the funds for team expansion, product development, and scaling distribution. FloBiz will also focus on building additional technical capabilities within the organization, as it prepares to venture into financial services soon.
Company: Valorem Stack Private Limited
Round: Series B
Funding Month: September 2021
Lead Investors: Sequoia Capital India
Additional Investors: Elevation Capital, Beenext, Vijay Shekhar Sharma), Kunal Shah), Jiten Gupta), Amrish Rau, Neeraj Arora, Nitin Gupta, Ankit Tomar, Sayali Karanjkar, Krishnan Menon, 9Unicorns and Whiteboard Capital
Company Website: https://www.flobiz.in/
Software Category: Mobile billing and Inventory management
About the Company: Rahul Raj, co-founder & CEO, FloBiz provides, myBillBook, which, launched in January 2020, allows SMB owners to digitize invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access business reports. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month. myBillBook is currently available in English, Hindi, Gujarati & Tamil. The company aims to launch the app in at least 5 more regional languages within the next six months. With over 5 million downloads across the country, myBillBook app is present in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat, and Tamil Nadu. FloBiz will continue to strengthen its presence in these regions while focusing on growth in others such as Bihar, Rajasthan, Karnataka, and West Bengal.