Accounting software for business Vyapar has received $30 million from the Series B funding round that WestBridge Capital led. Current supporters IndiaMart, India Quotient and Fortytwo.VC are also involved.
IndiaMART had been the previous leader of Vyapar’s Series A race in September 2019.
The Bengaluru-based company will utilize the funds to increase its growth by utilizing physical and digital distribution channels. The company also plans to boost hiring, develop new products, and create additional revenue streams, as stated in the press announcement.
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Sumit Agarwal founded the company, and Shubham Agarwal in 2016 Vyapar offers accounting software on both desktop and mobile to manage invoices, inventory, and accounting requirements.
The company says that its business has grown five-fold, and the team has grown to more than 300 employees, up from the previous 60.Vyapar competes against other companies like Khatabook along with OkCredit. In August, Khatabook raised $100 million in its Series C round with an investment of $600 million. OkCredit increased its last round in September 2019.