Queuebuster, a mobile point of sale application targeted at merchants, on Monday announced a Rs 63.3 crore fundraise from Chiratae Ventures, Omidyar Network India and Flourish Ventures.
DMI Alternative Investment Fund (the Sparkle Fund) and Unaprime Investment Advisors (an exclusive banker to Queuebuster) also participated in this funding round, a statement said. The 2016-founded company will use the funds to focus on merchant growth, product enhancements and scaling of its distribution network, it said. The app helps merchants manage billing, inventory, ‘khata’ (daily ledger), online shop and loyalty programmes for customers.
Also read: Marwari Catalysts’ Portfolio Startup, Unwind Mind, Raises Rs. 2 Cr. at a Valuation of Rs. 15 Cr.
It has onboarded over 20,000 merchants, including neighbourhood shops and also consumer food companies like HUL and ITC, the statement said, adding that it processed over 1.1 million invoices worth over Rs 130 crore in May 2022. So far, it claims to have recorded more than 12 million invoices worth over Rs 1,000 crore on the app since January 2021. Our aim is to reach at least 10 million merchants by the year 2025 , its founder and chief executive Varun Tangri said.
Amol Warange, a director at Omidyar, said the impact investing firm seeks to improve the financial health and resilience of small businesses, and Queuebuster is aligned with this goal by providing affordable solutions to merchants.