Founded in 2019, Bengaluru-based FloBiz aims to streamline enterprise operations and accelerate the development of tiny & medium companies (SMBs) in India by means of digitalisation. “After extensive market research, we realised that even though SMBs are the backbone of the Indian economy, there were no dedicated products for business owners to help them formalise their day-to-day operations. Our insights led us to launch our flagship product myBillBook in January 2020,” says Rahul Raj, founder and CEO at this SMB digitisation startup (FloBiz).
myBillBook is a full mobile-very first billing and accounting answer made to ease the lives of enterprise owners by bringing technological capabilities straight to their mobile phones. It is a basic GST billing, inventory management, and receivables/payables management answer for Android and desktop customers. “We will continue to innovate and build products and services to stimulate the growth of SMBs in the long run,” says Raj.
Despite the financial slowdown due to intermittent lockdowns and a fierce second surge of Covid-19, Raj informs that myBillBook was downloaded by more than 50 lakh SMBs and the solution has witnessed 6X development in its user base and 2.5X development in month-to-month active customers in the last six months alone. “We have consistently been one of the highest-rated apps in the business category on the Google Play Store.”
As a mission-driven solution-very first FinTech startup, FloBiz was in a position to raise its Series A round led by Elevation Capital with participation from current investors Greenoaks Capital & Beenext.
“Building on top of incredible product-market-fit, the resources are being thoughtfully deployed for team expansion, capability building to serve customers better and further product development,” he informs.
Over the last couple of years, Indian SMBs have begun to appreciate the have to have for digitisation in enterprise which has been boosted by the Covid-19 pandemic. The nation is currently below an impressive wave of formalisation due to advancements like GST, E-way bill, UPI and e-invoicing with many programmes aimed at advertising entrepreneurship such as Make In India, Startup India and Digital India.
“We are striving to play a significant role in helping achieve the lofty mission and capitalise on the opportunity to grow our user base by at least 7x by 2022,” says Raj. “In parallel, we are working on additional product and service lines to solve more pain points for SMBs. Our customers will be able to access these from the first half of 2022.”