Fintech firm FloBiz on Monday said it has raised USD 31 million (about Rs 228.3 crore) in funding from Sequoia Capital India, Think Investments and others.

Its existing investors, Elevation Capital and Beenext also participated in the Series B round, FloBiz co-founder and CEO Rahul Raj told PTI.

Besides, 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, he added.

The funds will be deployed for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as the company prepares to venture into financial services soon, Raj said.

Previously, the company had raised USD 10 million in series A from Elevation Capital and existing investors in March this year. Including the latest funding, the company has raised about USD 44 million.

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.

The solution helps maintain inventory, manage receivables and payables, and access business reports to enable efficient decision making. myBillBook is currently available in English, Hindi, Gujarati and Tamil.

With over a million monthly active users, SMBs (small and medium businesses) now record over USD 1 billion worth of transactions on myBillBook every month.

Raj said the company is working on launching the app in at least 5 more regional languages, including Marathi, Bengali, Telegu and Kannada, within the next six months.

The product will also see deeper use of technologies like AI and image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India – a delightful first step to digital accounting, he added.

“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,” he said.

Raj added that the company aims to expand its monthly active customer base to 3-5 million by December next year.

FloBiz, which has about 90 employees, will also expand its headcount to the north of 200 in the next six months – hiring people across roles, including engineering, product and data.

With over 5 million downloads across the country, myBillBook app has a strong presence in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu, which account for more than half of its total user base.

FloBiz will continue to strengthen its presence in these regions while focusing on growth in others such as Bihar, Rajasthan, Karnataka and West Bengal.