Existing investors Elevation Capital and Beenext also participate along with a host of angels
Neobank FloBiz, has raised $31 million in a Series B round led by Sequoia Capital India, Think Investments, and its existing investors Elevation Capital and Beenext.
The latest round also saw participation from angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.
The capital will be deployed for team expansion, product development, and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organization, as it prepares to venture into financial services soon.
“SMBs form a large part of our economy and our daily lives. This raise will help us accelerate projects which have been in the works up till now - building personalizable modules & features into Millbrook, diversifying core product offerings, and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months,” said Rahul Raj, co-founder & CEO of FloBiz.
FloBiz’s flagship product myBillBook was launched in January 2020 to help SMB owners digitize invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access important business reports to enable efficient decision making. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month.
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