FloBiz, a neobank for the growing Indian SMBs, has raised $31 million in Series B round, led by Sequoia Capital India, Think Investments and its existing investors - Elevation Capital and Beenext.
FloBiz said the capital will be deployed for team expansion, product development and scaling distribution to serve more businesses. The company is also preparing to venture into the “financial services” sector soon.
Other investors who participated in the current round included 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.
FloBiz's flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows. It helps maintain inventory, manage receivables and payables, and access important business reports to enable efficient decision making.
The company said there are over a million monthly active users on the platform. SMBs now record over $1 billion worth of transactions on myBillBook every month.
The company claims myBillBook, available in English, Hindi, Gujarati and Tamil, has consistently been a top rated app on Google Play Store under the business category. At least five more regional languages will be added in it over the next 6 months.
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Rahul Raj, Co-founder & CEO of FloBiz said everyone in the FloBiz team is driven by a deep passion to create an impact by powering growth of the small and medium businesses. "In addition to our current investors, we're extremely thrilled to have Sequoia Capital India & Think Investments along with such a stellar set of angels back us on our mission. This raise will help us accelerate projects which have been in the works up till now - building personalisable modules & features into myBillBook, diversifying core product offerings and preparing to roll out financial services," he stated.
The company claims with over five million downloads across the country, myBillBook app has a strong presence in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu.
FloBiz looks to triple its engineering, product and data teams over the next six months. Before the $31 million Series B capital raise, FloBiz had raised $10 million in Series A from Elevation Capital and existing investors in March 2021.
Founded in 2019, FloBiz is a fintech backed by renowned investors like Sequoia Capital India, Elevation Capital, Greenoaks Capital, Beenext and Think Investments.
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