FloBiz, a tech startup offering a billing and accounting app for small and medium businesses (SMB), has raised $31 million in a Series B round. The funding round was led by Sequoia Capital India, Think Investments and existing investors Elevation Capital and Beenext.

Renowned angels including Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Vijay Shekhar Sharma (Paytm), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), along with Whiteboard Capital and 9Unicorns, also participated in the funding round.

As per the startup, the raised capital will be used for team expansion, product development and scaling distribution to serve more businesses. The startup will also focus on building additional technical capabilities in-house as it prepares to venture into financial services soon.

FloBiz | Neobank For Growing SMBs

Started by Rahul Raj, Aditya Naik and Rakesh Yadav, FloBiz is a neobank that helps SMB owners digitise invoicing, streamline business accounting and automate workflows. The startup simplifies the GST Billing & Accounting needs of growing SMBs with its flagship product myBillBook App.

It helps SMBs to manage receivables & payables, maintain inventory, and access important business reports to enable efficient decision making.

Speaking on the development, Rahul Raj, Co-founder and CEO of FloBiz, said,

“We’re extremely thrilled to have Sequoia Capital India & Think Investments along with such a stellar set of angels back us on our mission. This raise will help us accelerate projects which have been in the works up till now – building personalisable modules & features into myBillBook, 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.”

FloBiz aims to launch the app in at least five more regional languages within the next six months.

myBillBook is currently available in English, Hindi, Gujarati & Tamil, has consistently been a top-rated app on Google Play Store under the Business category. It has over a million monthly active users, with SMBs now recording $1 billion+ worth of transactions on myBillBook every month.

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