Bengaluru-based fintech firm FloBiz has said it has raised $31 million (Rs 228.3 crore) in funding in its Series B round from Sequoia Capital India, Think Investments and others.
The funding round also saw the participation from existing investors Elevation Capital and Beenext.
Angel investors 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 also participated in the round.
Rahul Raj, CEO at FloBiz, said the fresh funding will be used for business expansion, product development, and beefing up the distribution capacity to meet more business requirements. It will also enhance its technlocila offerings as the company is planning to foray into financial services.
Earlier this year in March, the company had raised $10 million in its Series A from Elevation Capital and existing investors.
FloBiz's flagship product, myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises.
“SMBs form a large part of our economy and our daily lives. This funding will help us accelerate projects which have been in the works up till now - building personalisable modules and features into myBillBook, diversifying core product offerings and preparing to roll out financial services,” Rahul told media.
(With inputs from PTI)