Simply Vyapar Apps Pvt. Ltd, a startup that runs business accounting service Vyapar, has raised Rs 36 crore (approximately $4.99 million at current exchange rates) in its Series A fund round led by business-to-business e-commerce firm IndiaMART.
Existing investors that participated in the funding round include India Quotient and Axilor Ventures, Inc42 reported. IndiaMART has invested Rs 30.12 crore (around $4.16 million in Vyapar, according to the report.
VCCircle has reached out to Vyapar and IndiaMART for details on the transaction and will update this report accordingly.
The startup said it will use the funds for growing its customer base and building its services that will focus on providing complete business solutions for micro, small and medium enterprises.
Vyapar founder Sumit Agarwal said the Bengaluru-based firm was also looking at providing its solutions for the manufacturing sector.
In October last year, VCCircle reported that India Quotient had led Vyapar’s seed funding round. Axilor and another investor also participated in the round.
Vyapar was founded in 2016 by Sumit Agarwal, Ruqiya Irum and Shubham Agrawal. The firm provides accounting and inventory management platform for small businesses. Its services are available offline and helps businesses understand their assets and liabilities and value, according to its website.