The Indian Wire » Startups » IndiaMart infuses INR 36 cr into mobile-based business accounting software Vyapar

IndiaMart infuses INR 36 cr into mobile-based business accounting software Vyapar

IndiaMART drafts papers to raise money through IPO

IndiaMart, Noida-based, B2B online marketplace, has infused INR 36 crore in Vyapar, a mobile-based business accounting software for small businesses.

The investment was part of the Series A round and India Quotient and Axilor also participated in the round.

Dinesh Agarwal, Managing Director, IndiaMART said that the company found about Vyapar when it was looking for something on the mobile. The team found it to be a very suitable product for small businesses in India.

IndiaMart, based out of Noida, is an Indian e-commerce company that provides B2C, B2B and customer to customer sales services via its web portal. It began in 1996 and founded by Dinesh Agarwal and Brijesh Agarwal.

Vyapar, on the other hand, 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.

Agarwal further said that accounting software is mostly desktop-driven and operated by accountants because of several reasons, including heavy accountancy terms. So small and medium businesses in India needed a desktop, software, and a muneemji or an accountant to handle 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,” added Agarwal.

According to sources, Vyapar recorded more than one million app downloads and has a rating of 4.6 on the Google Play Store. In fact, the startup claims to have recorded revenue of Rs 1.4 crore in the last financial year.

On the other hand, similar companies in this venture includes Alibaba India, Flipkart, Amazon India, Power2SME, Moglix, and many more.

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