Business accounting software Vyapar has raised $30 million in its Series B round led by WestBridge Capital. Existing backers IndiaMart, India Quotient and Fortytwo.vc have also participated.
IndiaMART had previously led Vyapar’s Series A round in September 2019.
The Bengaluru-based startup will use the funds to grow through digital and physical distribution channels. It also plans to increase hiring, launch new products and enable additional revenue streams, it said in a press release.
Founded by Sumit Agarwal and Shubham Agarwal in 2016, Vyapar provides accounting software for both mobile and desktop to deal with invoicing, inventory and accounting needs.
The startup claims that its business has grown five-fold and its team has increased to over 300 employees from 60 previously.
Vyapar competes with the likes of Khatabook and OkCredit. In August last year, Khatabook had raised $100 million in its Series C round at a valuation of $600 million. OkCredit raised its last round in September 2019.