Founded in 2019, Bengaluru-based FloBiz aims to streamline business operations and accelerate the growth of small & medium businesses (SMBs) in India through 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 complete mobile-first billing and accounting solution designed to ease the lives of business owners by bringing technological capabilities directly to their mobile phones. It is a simple GST billing, inventory management, and receivables/payables management solution for Android and desktop users. “We will continue to innovate and build products and services to stimulate the growth of SMBs in the long run,” says Raj.
Despite the economic slowdown due to intermittent lockdowns and a fierce second surge of Covid-19, Raj informs that myBillBook was downloaded by over 50 lakh SMBs and the product has witnessed 6X growth in its user base and 2.5X growth in monthly active users 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 product-first FinTech startup, FloBiz was able to raise its Series A round led by Elevation Capital with participation from existing 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 few years, Indian SMBs have begun to appreciate the need for digitisation in business which has been boosted by the Covid-19 pandemic. The country is already under an impressive wave of formalisation due to advancements like GST, E-way bill, UPI and e-invoicing with several programmes aimed at promoting 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.”
