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CHENNAI: Online business-to-business marketplace IndiaMART has led a Series A investment round of Rs 36 crore in mobile accounting software Vyapar.
Existing investors India Quotient and Axilor also participated in the investment round.
Vyapar is an invoice accounting and stock inventory app with over one million downloads and a 4.6 app rating on the Google Play Store.
The Vyapar app helps businesses move their accounts from paper to the smartphone and claims it can be used by anyone even with no accounting knowledge.
Using Vyapar, small and medium sized businesses can manage raising Goods and Service Tax (GST) invoices, stock inventory, and other accounting and book keeping tasks.
“Over the last two decades, IndiaMART has effectively overcome the problem of access to market and technology by building a adigital marketplace for MSMEs,” Dinesh Agarwal, MD, IndiaMART, said.
“This investment in Vyapar, that is solving the complex billing and accounting needs of MSMEs in a simplified manner is aligned with our long term vision to make doing business easy for millions of businesses by providing them tech-enabled easy and cost-effective solutions,” he added.
“At Vyapar, our vision is to digitize every business in India and
simplify the business processes that help them grow. IndiaMART’s scale and expertise will help us achieve this goal faster, in turn, transforming the MSME landscape in India,” Vyapar founder Sumit agarwal said.