FloBiz, an Indian startup that is building a neobank for small and medium-sized businesses in the South Asian market, announced Monday that it has raised $31 million in a new round of funding to expand its product offering.
Sequoia Capital India and Think Investments jointly led the startup’s 18-month Series B funding round. Existing investors Elevation Capital and Beenext also participated in the round, leading FloBiz to raise a historic raise to more than $41 million.
The startup’s offering, called myBillBook, helps small and medium-sized businesses digitize their invoicing, streamline business accounting and automate their business workflows.
India, the world’s second largest Internet market, is home to millions of small and medium-sized businesses. Numerous startups have set up neobanks in the country in recent years to target millennials or enterprises.
Numerous top entrepreneurs, including Vijay Shekhar Sharma of Paytm, Kunal Shah of CRED, Jiten Gupta of Jupiter, Amrish Rau of Pine Labs, Krishnan Menon of BukuKas and Nitin Gupta of Uni Cards, have also backed FloBiz with the new round of funding.