Flobiz's total funding now stands at $44M. Here are the top-line bullets you need to know.
Flobiz, a mobile billing app, has raised $31M in a Series B with participation from Sequoia Capital India, Elevation Capital, Whiteboard Capital, and BEENEXT, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Flobiz’s GST billing and accounting solution, myBillBook, helps SMEs create digital invoices and automate workflows.
- It claims that the application has amassed more than 5M downloads.
- The company has more than 1M active monthly users.
- It has catered to more than 5M businesses across 7000 cities, and it has processed over 30M invoices.
WHY DOES THE MARKET MATTER?
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- The market is witnessing a boom in the adoption of online banking, cloud-based accounting, and tax compliance software by small businesses and entrepreneurs due to the fact that they are cost-effective and convenient.
- Increasing demand for the automation of financial management processes alongside a growing focus on scaling computation is driving industry growth.
- India has a growing MSME sector, with over 63M registered companies at present.