GimBooks raises seed funding from First Check Ventures, Y Combinator
Small and medium enterprise-focussed fintech startup, GimBooks, has raised seed funding from a network of angel investors pooled 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 startup accelerator Y Combinator also participated in the round.
According to the company, it will utilise the newly raised funds to ramp up its team, for product development and to accelerate customer acquisition via increased marketing spends.
Founded in 2018, as an invoice-maker app, Gimbooks has diversified into a full-fledged bookkeeping, accounting, lending and banking platform focused towards Indian micro, small & medium enterprises (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.
GimBooks is also currently in talks with a few more international investors to raise its Pre-Series A funding round in the upcoming months.
“We are delighted to announce the first-ever funding round of GimBooks, which enables us to fast-track our growth and customer acquisition, and strengthens our 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," said Yash Raj Agarwal, founder and chief executive officer, GimBooks.
During the April-June quarter, GimBooks has clocked a revenue of ₹75 lakh, and is on track to cross more than ₹1 crore revenue in the July-September quarter.
The startup claims it is growing between 15% and 20% month-on-month and that nearly 2 million have installed its flagship mobile app.
Through its flagship mobile app and integrated website, GimBooks allows 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, amongst other features.
Recently, digital ledger provider and bookkeeping startup, Khatabook also raised $100 million as part of its Series C funding round, led by US-based venture capital firms Tribe Capital and Moore Strategic Ventures.