Exclusive: Invoice management app FloBiz set to raise $10 Mn led by Greenoaks

FloBiz, a mobile billing app for businessmen like distributors, wholesalers, traders and retailers, is raising $10 million in its Series A round, said two sources aware of the development. This would be the maiden institutional round for the Bengaluru-based venture.

“The round will be led by Greenoaks Capital with participation from existing investors,” said one of the sources. “FloBiz is likely to announce the financing round soon”

FloBiz provides invoice management software for micro, small, and medium-sized businesses. It runs an Android app called My BillBook (former FloBooks) software to create GST invoices, monitors customer’s outstanding payments and manages stock inventory.

Launched in 2019 by Rahul Raj, Aditya Naik and Rakesh Yadav, FloBiz had raised seed capital from angels including Vaibhav Karnavat, Partner at Karnavat & Co, Satyen Kothari, founder of Cube, Nitin Gajria, Director at Google for Sub-Saharan, and Anuj Golecha of Venture Catalysts.

“Besides Greenoaks, Singapore-based Beenext and US-based Pantera Capital will join the round,” said the second source on the condition of anonymity. “Post funding, FloBiz will be valued anywhere between $35-45 million,” the person added.

Queries sent to FloBiz by Entrackr did not elicit an immediate response. We’ll update the post as and when the company responds.

FloBiz’s My BillBook also has a desktop version. According to the company’s website, it has a presence in over 7,000 cities and towns in India and has created over 8 million invoices so far. It also helps small businesses to set up online stores, create digital catalogues and with WhatsApp and Facebook integration. The platform also offers bookkeeping services.

FloBiz competes with over half a dozen companies such as Khatabook, OKCredit and several others in the digital bookkeeping space while Bikayai, Dukaan, Dot, OkShop, My Store have been its competition in the e-commerce enablement segment.