India-based HostBooks has closed its Series A funding round on $3m, which was led by payment gateway Razorpay.
The capital will help HostBooks build new features to complement its order management, neo-banking, advanced inventory & production management and AI-based business decision making tools. Funds will also help the company build new products, including a deep learning-based business intelligence system and an AI-based posting and recommendation system.
Founded in 2017, HostBooks offers MSMEs and SMES a cloud-based financial platform with end-to-end solutions that cater to the full value chain of businesses and enable them to automate their business processes.
Its solution supports tax, electronic invoicing, POS, accounting banking, inventory management, order management, billing and invoicing, cash and bank management, business intelligence, payroll and more.
The platform aims to streamline and reduce business leakages by building intelligence into the routine business processes from sourcing/purchasing to invoicing, accounting and cash flow tracking.
HostBooks founder Kapil Rana said, “We are 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.
“With the growth in the economy combined with tax norms, the process of accounting and statutory compliance has become more complex. 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.”
Last week, fellow Indian FinTech company CRED closed a $140m funding round, which brought its valuation to $6.4bn. The company, which has closed four investments in 18 months, rewards users for paying
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