2020 brought a great rush in the area of start-ups.
Not only they were incepted but they were induced with a huge amount of capital in various series rounds.
The next is from the same segment as the tech start up Flo Biz gets a massive funding of $ 10 Million. Let’s get into details to know more
MORE ABOUT FLO BIZ
It is the first neo business platform of the country that caters to give effective solutions to run small businesses. It was incepted in 2019 by IIT & BITS alumni Rahul Raj, Rakesh Yadav and Aditya Naik. The prime most focus was to give a new version in which the use of technology will hold great importance coupled with innovation.
They basically look up to help the enterprises who have helped the nation in taking the wheels of economy forward. They are associated with respective investors like Pantera, BeeNext, GreenOaks and Elevation.
More than 20 Lakh invoices created for
More than 25 Lakh businesses in
More than 7000 towns across
40 plus sectors
The company has also been in syn with major government organizations like:
- SME Business Forum
- ASSOCHAM INDIA
- SME Chamber Of India
The major products are myBill Book android & desktop. It is basically an app to make business process quite easy. It helps in creating proper professional invoices, inventory monitoring and efficient cash flow. There is a seamless integration between the mobile & desktop. It is used by industries like FMCG, Electronics, Hardware, Jewellery , Pharmaceuticals and Transportation. It is for everybody from retailers to distributors & wholesalers.
It is simply a GST and Billing software that provides benefits like-
- Faster payment collection
- Online orders
- Business analysis of reports
- Sending proper business card & greetings.
INSIGHT INTO FUNDING
The company has grown 12 times since 2019; that is the major reason it has been a recipient of such a massive amount. This current investment has been done by Elevation Capital.The MD & director of the company Mridul Arora had a stake that the company has been a major part of irreversible trend and the opportunity to capture the market would be quite great from this spot. It will give great indispensable products to the small businesses.
FloBiz Founder and CEO Rahul Raj said: “With this additional funding we plan to grow our trader base at least 7X by 2022 through deeply focused product developments driven by user feedback and making myBillBook simple to use through personalisation.
The company had successfully raised $ 10 million with active participation of other active investors. The main focus will be on expanding the team and deepening the sales & marketing initiatives.
Since the times the country has started the journey of going digital; the mandatory need of every sector to become much more technically vigilant has taken a speed. Therefore; many businesses have now trusted on companies like Flo Biz to make the process more easy and efficient. The word billing itself gets so exhaustive that you need softwares to catch up with the market in general.
This funding is a signal that in order to make the business more lucrative the functions will be made more proficient technically to cater to the requirements.