Small and medium-sized business-focused fintech startup GimBooks has raised seed funding from a network of angel investors grouped together by First Check Ventures through the US-based platform AngelList.
The seed funding round was led by Ali Jamal, Founding Partner of First Check Ventures. US-based startup accelerator Y Combinator also participated in the round.
According to the company, it will use the newly raised funds to augment its team, for product development and to accelerate customer acquisition through higher marketing expenses.
Founded in 2018, as an invoice creation application, Gimbooks has diversified into a comprehensive accounting, bookkeeping, loan and banking platform focused on Indian micro, small and medium-sized enterprises (MSMEs) and SME entrepreneurs.
GimBooks operates on a freemium model; The startup has already acquired 12,500 paying users, and is looking to cross a milestone of 25,000 paying users by the end of the current year.
GimBooks is also currently in talks with a few more international investors to increase its Pre-Series A funding round in the coming months.
“We are delighted to announce the first round of GimBooks financing, which enables us to accelerate our growth and customer acquisition, and strengthens our commitment to providing high-quality solutions for millions of small and medium-sized businesses in India. We are grateful to our investors. : First Check Ventures and Y Combinator for establishing their faith in us, “said Yash Raj Agarwal, founder and CEO of GimBooks.
During the April-June quarter, GimBooks has posted revenue of ₹ 75 lakh, and is on track to cross over ₹ 1 crore of revenue in the July-September quarter.
The startup claims that it is growing between 15% and 20% month-over-month and that nearly 2 million have installed its flagship mobile app.
Through its flagship mobile app and integrated website, GimBooks enables users to digitally create invoices, waybills, purchase orders, challans, and also helps them access loans, manage inventory and expenses, track of various business documents, such as sales and purchase reports, notify customers of payment reminders, among other features.
Recently, khatabook, a digital accounting provider and accounting startup, also raised $ 100 million as part of its Series C funding round, led by US-based venture capital firms Tribe Capital and Moore Strategic Ventures.
