Vyapar acquires accounting automation startup Suvit

Business accounting software firm Vyapar has acquired accounting automation startup Suvit to strengthen its digital compliance solutions for Indian MSMEs.

Vyapar did not disclose the size of the deal.

Following the acquisition, Suvit co-founder Ankit Virani will join Vyapar as a business head, where he will oversee the integration of Suvit’s automation offerings into the broader Vyapar ecosystem, the company said in a press release.

Co-founded in 2016 by Sumit Agarwal, Ruqiya Irum and Shubham Agrawal, Vyapar provides accounting software for mobile and desktop users to manage invoicing, inventory and accounting needs. The platform enables MSMEs to handle invoicing, inventory, accounting and compliance requirements, among other functions.

Suvit, launched in 2022 by Virani and Kalpesh Zalavadiya, is an artificial intelligence and software as a service based accounting automation platform designed for chartered accountants and tax professionals. The platform aims to bridge the gap between taxation, accounting, banking, auditing, professionals and users to streamline workflows and reduce manual effort. It claims to serve more than ten thousand practicing firms and thirty thousand accountants.

The combined entity, after the acquisition, will enhance operational efficiency and offer richer compliance features to MSMEs and tax professionals, accelerating adoption of software as a service and artificial intelligence, the company added.

According to market research, the accounting software market in India is valued at about three point three eight billion dollars in 2024 and is projected to reach five point seven five billion dollars by 2030.

Vyapar competes directly or indirectly with other startups in this segment such as Clear and SahiGST. The company claims to have served more than one crore MSMEs since inception.