IndiaMART, which is a B2B eCommerce firm, has now revealed an investment of INR 36 crore in the Vyapar, which is a mobile-based business accounting software for the small businesses.
In a statement, the company revealed the series A investment funding round in the Bangalore based Simply Vyapar Apps Pvt Ltd, owner of Vyapar, also included the existing investor Axilor and India Quotient.
‘Vyapar’ is an invoice accounting and stock inventory app, which can be used by small and medium businesses for billing Goods and Services Tax (GST) invoices, managing stock inventory, and accounting solutions.
Speaking about the Investment, Dinesh Agarwal, MD of IndiaMART revealed that the company found about Vyapar when it was looking for something on the smartphone. The team found it to be a very suitable product for small businesses in India.
He also revealed that the accounting software is mostly desktop driven and operated by the accountants because of the various reasons, which includes heavy accountancy terms. So, both the small and medium businesses in India needed a desktop, software and a muneemji or an accountant to handle the accounts.
“With the advent of mobile internet, a handheld very smart computer has been put in the palms of half a billion people, which is connected to the internet all the time, and many small businesses wanted to use these mini handheld computers to do their own ‘hisaab kitaab’ (accounting) even if they don’t understand terms like debit, credit, creditor, etc. So, Vyapar fits perfectly-well here as it 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 by providing them tech-enabled, easy and cost-effective solutions.”
“We feel that going forward, the startup should be able to add a lot of value in areas of invoicing, accounting, inventory management, and GST. We are moving in the right direction as we have been working with small businesses and our vision to make India an easy place to do business by adopting technology, along with internet and mobile,”.Dinesh said in a press statement
On the 24th of June, IndiaMART launched its IPO. The IPO was subscribed 31.6 times on the final day of bidding.