FloBiz, a mobile billing app for businessmen like distributors, wholesalers, traders and retailers, has scooped up $31 million in its Series B round led by Sequoia Capital India, Think Investments and its existing investors Elevation Capital and Beenext.
Several noted angel investors also participated in the round including the likes of Vijay Shekhar Sharma, Kunal Shah, Jiten Gupta, Amrish Rau, Neeraj Arora, Nitin Gupta, Ankit Tomar, Sayali Karanjkar and Krishnan Menon.
The company said it will use the fresh funds for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.
The company had raised $10 million in its Series A round, Entrackr had exclusively reported in November last year. 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.
FloBiz said it plans to launch its flagship product, myBillBook, with at least five more regional languages within the next six months. Currently, the app is available in English, Hindi, Gujarati and Tamil.
According to the company, the product will also see deeper use of technologies like AI and image processing to make the onboarding process for the less tech-savvy small and medium business owners in tier 2 and tier 3 cities of India easier.
The company claims that the app has been downloaded over five million times and has a strong presence in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu, which account for more than half of its total user base.
FloBiz will also focus on growth in others such as Bihar, Rajasthan, Karnataka and West Bengal and to achieve this, would triple its engineering, product and data teams within the next six months.
FloBiz competes with over half a dozen companies such as Khatabook, OKCredit and several others in the digital bookkeeping space. Its core competition includes Vyapar and Tally. Unlike Khatabook and OKCredit, FloBiz uses a fleet on the street to hand-hold merchants and focuses on merchants with Goods and Service Tax (GST) accounts. With this investment, Sequoia has several companies in its portfolio that’re focusing on bookkeeping and e-commerce enablement space.