Raipur-based fintech startup GimBooks has raised undisclosed seed funding from a network of angel investors pooled by First Check Ventures through the US-based AngelList platform.

Led by Ali Jamal, Founding Partner at First Check Ventures, the funding round also saw participation from Y Combinator, which invested about $1,25,000.

As per the fintech startup, the funds will be used to ramp up its team, product development, and increased marketing spends to accelerate customer acquisition.

GimBooks | Making Business Easy for Indian MSMEs

Founded by Yash Raj Agarwal in 2018, GimBooks is a cloud-based bookkeeping and accounting platform. The fintech startup is geared towards small and micro-sized businesses in India. It assists small and micro-sized businesses in creating and managing documents like GST compliant invoices, waybills, quotations, purchase orders, delivery challans, etc.

Speaking on the development, Yash Raj Agarwal, Founder and CEO of GimBooks, said,

“More and more SMEs of our country will continue to show an increased inclination towards digitisation and tech adoption in the years to come, and while leveraging on this trend, we at GimBooks, remain committed to continuously serving the SME ecosystem.”

GimBooks also enables managing day to day inventory and expenses, keeping a live track of various business reports and sending payment reminders to customers through its mobile and web app.

The Raipur-based fintech startup has reached nearly two million installs of its app and claims its growth rate is around 15%-20% monthly. Operating on a freemium model, the fintech startup already has 12,500 paid users and is looking to cross 25,000 paid users by the end of the current year. 

GimBooks claims to have registered Rs 75 lakh in revenue in the first quarter (April-May-June) of 2021. The startup also claims to be on track to cross Rs 1 crore in the second quarter.

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