In its First Acquisition Post IPO, IndiaMart Invests $5.4 Mn in SME Accounting Platform Vyapar
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B2B marketplace IndiaMART has pumped INR 36 crore (US$5.4 million) in Bengaluru-based SME accounting mobile platform, Vyapaar in Series A round of funding. The round also saw participation from existing investors including India Quotient and Axilor Ventures.
Founded by Sumit Agarwal and Ruqiya Irum in 2016, Vyapar offers mobile-based services to small businesses like accounting and billing to make their journals transparent and easy to comprehend. The SaaS-business accounting platform also deals with invoicing, inventory, accounting needs, filing GSTon behalf of the company etc. The start-up claims to have around 1 million downloads on Google Play Store.
Commenting on the fundraise, Dinesh Agarwal, Managing Director of IndiaMART said, “Over the last two decades IndiaMart has effectively overcome the problem of access to market and technology by building a digital marketplace for MSMEs. This investment in Vyapar, which is solving the complex billing and accounting needs of MSMEs in a simplified manner, is aligned with our long-term vision to make business easy for millions of businesses by providing them tech-enabled simple and cost effective solutions,”
IndiaMART was recently in the news for taking its company public on June 24.
When you talk about accounting, the only picture that comes to your mind is that of stacks of papers kept one above another. According to information on the company website of Vyapar, even today 70 per cent of SMEs still create bills on paper. This is primarily the reason why accounts are stocked with so much dis-functionality. A software platform not just makes the process of journaling and organizing data seamless but also provides greater comprehensiveness to it.
The SME management space isn’t very crowded when it comes to competition. Among leaders of the pack is Zoho, a US-based startup, which is an online accounting software that manages finances, automates business etc.