The funds will be used by GimBooks towards team and product(s) building, growth, and rapid user acquisition
New Delhi, NFAPost: Chattisgarh-based fintech startup for Indian SMEs, GimBooks, has raised an undisclosed amount of seed funding from a network (syndicate) of angel investors pooled in by First Check Ventures through the US-based AngelList platform.
The seed funding round was led by Ali Jamal, Founding Partner at First Check Ventures. US-based start-up accelerator Y Combinator also invested in GimBooksby infusing an investment of $1,25000 into the start-up.
Notably, this is the first funding round raised by GimBooks since its inception in 2018; prior to this, the start-up was bootstrapped. GimBooks will be utilising the newly-raised funds to ramp up its team, product development and to accelerate customer acquisition via increased marketing spends.
Speaking about the fundraise, GimBooks Founder & CEO Yash Raj Agarwal says the company is delighted to announce the first-ever funding round of GimBooks, which enables us to fast-track its growth and customer acquisition, and strengthens the company’s commitment to provide 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 instating their faith in us. Going forward, more and more SMEs of our country will continue to show an increased inclination towards digitization and tech adoption in the years to come, and while leveraging on this trend, we at GimBooks remain committed to continuously serving the SME ecosystem,” said Yash Raj Agarwal.
GimBooks, which was launched originally as an invoice-maker app in 2018, has evolved over the years into full-fledged bookkeeping, accounting, lending, and banking platform dedicated to empower India’s MSME and SME entrepreneurs.
GimBooks operates on a freemium model; the startup has already acquired 12, 500 paid users, and is looking to cross a milestone of 25,000 paid users by the end of the current year. Notably, GimBooks is currently in talks with a few more international investors to raise its Pre-Series A funding round in the upcoming months.
During the last quarter, i.e. FY Quarter 1 (Q 1: April to June ‘21) of the current financial year, GimBooks has clocked a revenue of Rs 75 lakhs, whereas in the ongoing Quarter 2 (Q 2: July to September ’21), the startup is on track to cross more than Rs 1 crore revenue.
Furthermore, the startup is, at the moment, growing at a rate of15-20% Month-on-Month (MOM), and has reached nearly 2 million installs of its flagship mobile app. GimBooks’ long-term mission is to become the most trusted and go-to ‘platform of choice’ for all SMEs in India and ensure to be able to cater to their financial and business management needs in a comprehensive and sustainable manner.
GimBooksoffers comprehensive bookkeeping, accounting, lending, banking and digital business management platform dedicated and customized as per the need of India’s MSME and SME entrepreneurs. Through its flagship mobile app and integrated website, GimBooks allows its users to digitally create GST-compliant invoices, waybills, purchase orders, challans, and further helps them to get access to loans, manage inventory and expenses, keep track of various business documents such as sales and purchase reports, notify payment reminders to customers, and do much more.
Notably, GimBooks also offers a domain-specific ‘Do-It-Yourself’ bookkeeping solution, wherein invoices and other documents can be customized according to the specific industry where the user belongs to. The start-up is on a mission to become the most preferred mobile-first business management platform of choice for Indian wholesalers, traders, freelancers, retailers, distributors, stockists and so many other small businesses across various parts of India.