Vyapar Scoops up $ 30 Mn in series B round
- ByStartupStory | January 27, 2022
Simply vyapar Apps Pvt.ltd, which runs business accounting start up vyapar, on Wednesday said it has raised $ 30 million ( around Rs 224 crore) as partly of its series B funding round led by West Bridge Capital, existing investors India mart and India quotient has take part in the funding round, said Vyapar in a statement.
Forty two.vc also contributed to the investment round. It added.
Vyapar said it will utilise the newest capital to boom its business through digital and distribution channel.
Part of the funds will also be emplaced to stipend and scale up the work on new revenue streams, the statement said.
Vyapar was founded in 2016, by Sumit Agrawal, Ruqiya Irum and Shubham Agrawal.
The start up furnishes accounting and inventory management platforms for small businesses.
It’s Services are available offline and helps businesses understand their assets and Liabilities and value.
Agrawal, Co- founder and CTO at Vyapar, said in the statement that the start up wants every small business in India to have a technology – based business management solution that is very simple to use and is accessible and affordable to all.
“ The best 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.
The statement noted that Vyapar’s business has grown 5 times and its team size has expanded from around 60 to over 300 since the series funding had risen, recently, have over 1 lakh paying customer’s said Dinesh Agrawal, founder and Managing Director, India Mart.
Sandeep Singhal , Co- founder and Managing Director West Bridge Capital, noted the MSMEs ( micro small and medium- sized enterprises) are the fortitude of the economy., and Vyapar is on a vision to digitize the MSMEs of India and help them to promote.
“ We have been very enraptured with Sumit and Shubham’s accord and insights around how to solve them in the right way.
West Bridge invests out of its evergreen fund as against a conventional private equity fund that raises a fixed sum and returns the money along with gains/ losses to the limited partners towards the end of its cycle, usually 10 years.
Earlier this month, it co- led a funding round in LEAD that catapulted the school Ed tech platform into unicorn club of start ups that boast of valuation of over $1 billion.
Last year, it invested in start ups such as skit, previously known as Vernacular.ai, Bijnis, a platform that puts factories and directly in touch with retailers , and otipy, a community group buying platforms for fresh fruits and vegetables.
Follow Startup Story
Related Posts
