QueueBuster, a mobile-based point-of-sale (PoS) application, on Monday said it has raised Rs 63.3 crore ($8.16 million) in a Series A funding round led by Chiratae Ventures, Omidyar Network India and Flourish Ventures.
DMI Alternative Investment Fund and Unaprime Investment Advisors participated in this investment round, said QueueBuster in a statement.
The fresh capital will help the company drive merchant growth, strengthen its product and scale its distribution network, it added.
QueueBuster, operated by DPD Technologies Pvt. Ltd, was founded in 2016 by a team of second time entrepreneurs led by Varun Tangri. The startup's full-stack mobile PoS application helps businesses from large format retail stores to small kiosks to manage billing, inventory, daily ledger, online dukaan, customers and loyalty programmes. The startup currently has over 20,000 merchants on-boarded on its platform across multiple industries with clients including HUL, Tata and ITC.
The company claims to have processed over 1.1 million invoices worth over Rs 130 crore in the last month alone. Since January last year, the startup has recorded more than 12 million invoices worth over Rs 1000 crore on its app, it added.
Tangri, who is CEO of QueueBuster, noted that merchants are currently overwhelmed by an array of standalone applications for every small or big requirement of theirs.
"With QueueBuster, merchants can manage their entire business operations with ease. Our aim is to reach at least 10 million merchants by the year 2025,” added Tangri, who previously co-founded a PoS system for restaurants MaplePOS, which was acquired by Zomato in 2015.
QueueBuster team's resolve to provide the best after-sales support to the MSMEs (micro, small and medium enterprises) will be a cornerstone to succeed in the MSME market, said TCM Sundaram, founder and vice chairman, Chiratae Ventures.
"In a rapidly digitizing world, QueueBuster is helping these small merchants digitise business critical processes thereby increasing the efficiency of their day-to-day operations,” added Amol Warange, director, Omidyar Network India.
India's broader PoS device market was valued at around Rs 2,670 crore in 2020 and is expected to touch about Rs 5,660 crore by 2026, helped by the robust growth in the retail sector, according to a report by research firm Expert Market Research.
Venture capital backed players in the PoS device market include Pine Labs, Mswipe and Ezetap. In 2020, Paytm launched All-in-one Android PoS device and Paytm Business Solutions for its merchant partners and SMEs. Notably, according to QueueBuster's website, it counts Pine Labs and Ezetap among its partners.