FloBiz witnesses 250% growth in monthly active users; targets 7X growth by next year

  • FloBiz reports doubling of top-line growth year-on-year and increased its customer base to 5 million SMBs in 2021 
  • FloBiz’s flagship product, myBillbook is witnessing exponential growth in GST registered businesses across 3000+ towns and 40+ sectors 
  • In 2020-21, FloBiz recorded a 200% increase in transaction volume amounting to transactions worth USD 883 million monthly 
  1. FloBiz plans to triple its engineering, product & data workforce in the next 6-9 months 

    Bengaluru,17th Aug 2021 : India’s fastest growing SMB-focused FinTech startup FloBiz is witnessing 250% growth in monthly active users and aims to achieve 7X growth by 2022. On the heels of raising Series A investment led by Elevation Capital, FloBiz is on a mission to accelerate the growth of SMBs through digitisation. The company is on a strong growth trajectory to enable small businesses to digitise their daily operations and make India self-reliant. Despite the intermittent lockdowns imposed due to the 1st & 2nd wave of COVID-19, FloBiz witnessed an increase in monthly active users & GST registered users of myBillBook – the company’s flagship product helping SMBs in billing & accounting, taking the overall tally to 5 million downloads in 2021. The startup observed a 200% increase in business volume amounting to transactions, recorded over USD 883 million transactions in July on the myBillBook app. 

     

    Remarking on the growth, Rahul Raj, Founder & CEO of FloBiz said, “As we reflect on our growth in the past year, we continue to recognise the importance of product innovation and customer obsession. There is a growing demand in the segment as businesses undertake digital transformation journeys. We are geared to serve our SMB partners and help them sail through these challenging times. Our flagship product myBillBook is designed to help business owners manage invoicing, inventory, and receivables/ payables while easily digitising other aspects of their daily operations directly through their mobile phones.” 

     

    He further added that “Our growth is testimony to the faith our SMB partners have placed in us. We will continue to develop & deliver deeper solutions to power their growth and enable a seamless start to their digitisation journey. ”  

     

    Keeping in line with its exponential growth, FloBiz plans to increase its engineering, product & data workforce by 3X in the next 6 months.  

     
    About FloBiz: 

    FloBiz is India’s fastest-growing SMB-focused FinTech startup that aims to accelerate the growth of small & medium businesses through digitisation. Founded in 2019 by IIT & BITS alumni, FloBiz is a FinTech backed by renowned investors like Elevation Capital, Greenoaks Capital and Beenext. The startup is chasing the mission of digitisation to contribute to the building of an Aatmnirbhar Bharat by solving the most pressing problems of the Indian SMB sector. FloBiz launched its flagship product, myBillBook, in early 2020, and it has become one of the highest rated business apps in India on the Google Play Store. 

     

    About myBillBook: 

    myBillBook has been designed to aid SMB business owners to run their operations from anywhere & anytime. It is available on both mobile & desktop and provides a secure platform for business owners to record transactions & track business performance on the go. It is an ideal software for GST registered businesses where invoicing is one of the core business activities. Also, businesses looking to digitise their operations to understand their financial position better can use this product. It helps them create bills (GST & non-GST), record purchases & expenses, maintain stock and manage payables/ receivables directly from their mobile phones or computers. Also, the app generates critical business reports that help owners make effective business decisions. myBillBook is currently available in English, Hindi, Gujarati & Tamil. 

     

    App Features:  
  • Quick Billing (GST & non-GST) 
  • Stock management with low stock alerts & inventory categorisation  
  • GSTR & other business reports generation 
  • Payment collection through UPI  
  • Real-time cloud backup  
  • Multiple invoice formats  
  • Multiple businesses management 
  • Multi-User/ Multi-Staff logins 
  • Multi-device logins 
  • Automated payment reminders 
  • Thermal Printer support 
  • Online Store 
  • Greetings & Business cards  
  • Transactions and outstanding tracking 
  • Available in regional languages: English, Hindi, Gujarati & Tamil 

     

    Benefits:  
  • Live Sync (Mobile<-> Computer) 
  • 24*7 chat and call support 
  • Works offline and online with the auto-sync facility 
  • Helps in stock management 
  • Provides advanced business reports 

     

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