Hostbooks intends to utilise the Series-A funding to further scale its operations and enhance its existing product suite
Mumbai, NFAPost: Micro, small and medium enterprise-focused fintech startup HostBooks announced that it has raised $3 million in a Series-A funding round led by Razorpay, full-stack financial services company.
Hostbooks intends to utilise the Series-A funding to further scale its operations and enhance its existing product suite with the launch of new products supporting order management, neo-banking, advanced inventory & production management and AI-based business decision making tools to better support its wide customer base in the country. With this, HostBooks will be a step closer to becoming a one-stop shop for all Business and Finance Operations needs of MSMEs in India.
HostBooks Founder Kapil Rana said the company is simplifying and automating the entire business process by focusing on the sources of the transactions, banking, accounting, and tax compliances with an integrated end-to-end business management solution.
“HostBooks, with its large range of services like billing, accounting, inventory management, payroll, compliance management, banking, and advanced business reporting, envisages making the whole process automated, easy to understand, hassle-free, and efficient,” said HostBooks Founder Kapil Rana.
HostBooks cofounder Biswajit Mishra said the company share a common vision with Razorpay, which is to build the financial backbone for businesses in India and enable them to thrive.
“This funding is a major step forward in that direction. Through Razorpay’s support and expertise, we would not only be able to make business processes simpler for entrepreneurs but also give them the tools they need to fast track the growth of their business.” added HostBooks cofounder Biswajit Mishra.
HostBooks has transformed tedious backend business processes including accounting and compliance for MSME/SME through a single sign-on collaborative platform. With over 250,000 businesses on its platform, HostBooks has been able to reduce
costs of business operations by up to 70%. Along with many features, HostBooks also offers an in-built e-Document Management System with free cloud storage.
Razorpay CEO & Cofounder Harshil Mathur said small businesses are a major driver of the Indian economy and Razorpay has been on a mission to enable them in every step of their growth journey.
“With our shared vision of fostering growth for businesses with our unified financial management solutions, we would work together towards building a stronger, frictionless business operations SaaS and banking ecosystem for millions of MSMEs in India,” said Razorpay CEO & Cofounder Harshil Mathur.
HostBooks was founded by Kapil Rana in 2017 and was joined at an early stage by Biswajit Mishra. The platform caters to the complete value chain of business functions – be it handling F&A, tax, GST, e-way bills, e-invoicing, banking, inventory management, order management, billing & invoicing, cash & bank management, business intelligence, BP portal, procurement & payroll.
