FloBiz, which focuses on digitising small and medium enterprises (SMEs), has raised $10 million (around Rs 72.5 crore) in a Series A funding round.
The round in Bengaluru-based FloBiz has been led by Elevation Capital. Other participants include existing investors Greenoaks Capital and Beenext.
Prior to this, the startup had raised $3 million in a seed round in 2019.
FloBiz, operated by Metaloop Innovation Labs Pvt Ltd, was set up by CEO Rahul Raj.
Its offerings include flagship product myBillBook, which operates as a billing and accounting app with WhatsApp integration as well as multi-lingual support.
FloBiz will use the capital it has raised for expanding its team, accelerating product development, and increasing sales and marketing efforts. Raj added that the company is looking to grow its trader base by at least seven times by next year.
“We were very impressed with the customer love and the depth of usage of the product across the SME value chain -- retailers, distributors, wholesalers and manufacturers,” Elevation Capital managing director Mridul Arora said.
FloBiz says it has a staff strength of 60, and has grown by 12x in the last six months with over three million SMEs onboarded to its platform. Further, it claims an annualised transaction volume of more than $6 billion.
Elevation Capital was known as SAIF Partners before it rebranded last year. In 2020, it also marked the final close of its new fund at its targeted $400 million (Rs 2,930 crore) corpus.
Elevation Capital focuses on early-stage investing and has been an early backer of companies such as Paytm, MakeMyTrip, Swiggy, Justdial, FirstCry, Meesho, ShareChat, NoBroker, Unacademy and Urban Company.
Seven of its early-stage investments have grown through private and public markets to become unicorns with a valuation of at least $1 billion. Elevation Capital has realised or partially realised over 25 investments since inception.
Earlier this week, it partnered United States-based Think Investments for a blank-cheque firm.