Bengaluru-based Vyapar, an online business accounting platform, has raised $30 million (roughly Rs 224 crore) in a Series B funding round led by WestBridge Capital and existing investors IndiaMart and India Quotient. Fortytwo.vc also participated in the round.
Previously, the startup raised $5 million in a Series A round led by India Quotient and IndiaMart in September 2019. Vyapar has raised more than $35 million in funding to date, after completing the current round.
Vyapar assists small businesses in generating bills and GST invoices, managing transactions, making informed inventory purchases, and providing owners with access to accounting reports on their smartphones.
“We want every small business in India to have a technology-based business management solution that is very simple to use, is accessible to all, and is affordable,” Shubham Agrawal, Co-founder & CTO at Vyapar.
The platform enables businesses to keep a track of inventory purchases and helps them reduce expenses while providing an overview of transactions. “A good part of business operations can be managed quite easily through tech and as a result, the whole focus of a business owner can be on growth, efficiency, and profitability,” Shubham said.
According to Vyapar, the funds raised will be used to expand the company through digital and other distribution channels. Aside from that, it will concentrate on hiring talent and plans to expand work on new revenue-generating streams with the capital.
The Bengaluru-based firm, founded in 2016 by Sumit Agarwal and Shubham Agarwal, claims to have grown 5x and its team has increased to over 300 employees from 60 previously.
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