Bengaluru-headquartered business accounting and inventory management application company Simply Vyapar Apps Pvt Ltd has raised $30 million in a Series B round of funding led by WestBridge Capital. Returning investors IndiaMart and India Quotient also participated in the round. Fortytwo.vc also participated in the round, said a statement issued by the company.
The startup, which owns and operates the Vyapar app, will utilise the capital for continued business growth through digital and other distribution channels. It will also hire talent and plans on scaling up work on new revenue-generating streams with the capital, it said in the statement.
Focused on small and medium businesses, Vyapar was started in 2016 by Sumit Agarwal and Shubham Agarwal. Vyapar had previously raised Rs 36 crore ($5.4 million approximately) in a Series A round from IndiaMart in September 2019.
“We want every small business in India to have a technology-based business management solution that is very simple to use, is accessible to all and is affordable. A good 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,” said Shubham Agrawal, Co-founder and CTO at Vyapar, in the statement.
Vyapar’s mobile-first solution helps businesses generate bills and GST invoices, manage transactions, make smart decisions on inventory purchases, and provides access to accounting reports on the smartphone to owners. The app is available on the Google Play Store.
“MSMEs are the backbone of our economy. Vyapar is on a mission to digitise the MSMEs of India and help them grow. We have been very impressed with Sumit and Shubham’s understanding of the challenges faced by Indian MSMEs and insights around how to solve them in the right way. We are excited to join hands with Vyapar and help in their next phase of growth”, said Sandeep Singhal, Co-founder and Managing Director of WestBridge Capital in the statement.
Vyapar operates in a space that has other well-funded incumbents including Tencent and Sequoia Capital-backed Khatabook, among others.