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Indian SMB startup FloBiz raises $10 million in funding led by Elevation Capital

Bengaluru– FloBiz, an Indian startup that supports small and medium-sized enterprises with the necessary resources to grow in a highly technical market. It has landed 10 million dollars in Series A funding which is led by elevation capital and other participation from existing investors and namely Beenext and Greenoaks capital. 

But before we go any further, let’s break into pieces and discuss more about FloBiz- which collects huge appreciation everywhere on the web. 

FloBiz- Company Profile 

The business was established in 2019 by BITS and IIT Alumni. Its main objective to come into the technical marketplace was to introduce a new way of doing and operating business especially for small and medium enterprises and help them with the advent of technology to catch attention and drive a better customer base. 

The company operates with one purpose:

“We fuel the growth of those Enterprises which fuel the growth of our economy”. 

official Site Sources: Internet

They are here to offer solutions to the biggest challenges that are faced by the Indian SMBs. 

In my view, start-ups and businesses like this help transform small businesses into more independent, smarter, and responsive to new trends and market needs. The way services are digitized, we’re all looking for seamless, fast, and digital services, and that’s where SMEs are missing out on their limited knowledge and resources. This very exclusive Neo business platform helps you with everything! Their product or service namely- “myBillbook”, helps entrepreneurs or local businesses to run smoothly without any extra hassle. Familiarizes them with the smart ways, and contributes to the way the Make in India Initiative flourishes. Assisting small units will strengthen the Indian economy! b. 

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In its commencement year 2019, it had raised around $3 million as part of its seed-stage funding. 

The firm said that it will use the raised funds to grow its building and accounting application, for workforce expansion, and product development to accelerate the growth and other marketing efforts. 

The firm’s product “myBillbook” let the business record several types of transactions, inclusive sales, purchase, and other business expenses. It also provides support for inventory management, receivables, payables and let them know profit and loss within a few minutes. This business can keep track of all its financial movements. 

Meanwhile, the founder and Chief Executive at FloBiz Rahul Raj said- “Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools amongst small and medium business owners. We strongly believe that our product myBillbook empowers SMBs by automating their workflows, helps in maintaining inventory better, manager receivables and payables as well as download critical business reports for efficient decision-making on the go”. 

He also added- with this additional funding we plan to grow our trader base 7-times by 2022. By last year, during the global pandemic, we have seen more than 3 million merchants taking on to its platform with more than $6 billion in annual transaction volume recorded. 

Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.

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