GimBooks raises seed funding from a network of angel investors

• BySheetal Sidhu     |    September 13, 2021

Fintech startup for Indian SMEs, GimBooks, has raised an undisclosed amount of seed funding from a network (syndicate) of angel investors pooled in by First Check Ventures through the US-based AngelList platform. The seed funding round was led by Ali Jamal, Founding Partner, First Check Ventures. US-based startup accelerator Y Combinator also invested in GimBooksby infusing an investment of US$ 125000 into the startup.

Notably, this is the first funding round raised by GimBooks since its inception in 2018; prior to this, the startup was bootstrapped. GimBooks will be utilising the newly-raised funds to ramp up its team, product development and to accelerate customer acquisition via increased marketing spends. GimBooks, which was launched originally an invoice-maker app in 2018, hasevolved over the years into a full-fledged bookkeeping, accounting, lending and banking platform dedicated to empower India’s MSME and SME entrepreneurs. GimBooks operates on a freemium model; the startup has already acquired 12, 500 paid users and is looking to cross a milestone of 25,000paid users by the end of the current year. Notably, GimBooks is currently in talks with a few more international investors to raise its Pre-Series A funding round in the upcoming months.

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