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,one of India’s Leading Full-Stack Financial Services Company.
HostBooks plans to utilize the fund to not only add new features to its existing product suite but also to develop innovative products including a deep learning-based Business Intelligence System and an AI-based Posting and Recommendation System. Hostbooks intends to utilize the Series-A funding to further scale its operations and enhance its existing product suite with the launch of new products supporting order management, neo-banking, advanced inventory & production management and AI-based business decision making tools to better support its wide customer base in the country.
With this, HostBooks will be a step closer to becoming a one-stop shop for all Business and Finance Operations needs of MSMEs in India. 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.” “We share a common vision with Razorpay, which is to build the financial backbone for businesses in India and enable them to thrive. This funding is a major step forward in that direction. Through Razorpay’s support and expertise, we would not only be able to make business processes simpler for entrepreneurs but also give them the tools they need to fast track the growth of their business,” added Biswajit Mishra, Co-founder, HostBooks.
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.”