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MSME Super-app, HostBooks raises $3Million in Series-A Funding from Razorpay
Micro, Small and Medium Enterprise (MSME) focused fintech start-up HostBooks today announced that it has raised $3 Million in a Series-A funding round led by Razorpay, India's Leading Full-Stack Financial Services Company.
Commenting on the announcement, Kapil Rana, Founder, HostBooks 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."
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.
Commenting on this funding Harshil Mathur, CEO & Co-founder, Razorpay said, "Small businesses are a major driver of the Indian economy and we, at Razorpay have been on a mission to enable them in every step of their growth journey. It is promising to see that companies like HostBooks are playing a critical role in creating a thriving growth environment for small businesses. It gives me immense pleasure for Razorpay to be a part of HostBooks' 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."
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