GimBooks raises seed funding from first check ventures, Y combinator
GimBooks plans to use the capital to expand its team, develop new products, and speed user acquisition through greater marketing spending.
GimBooks, a financial startup focused on small and medium businesses, has raised seed funding through the AngelList platform in the United States, thanks to a network of angel investors gathered by First Check Ventures.
Ali Jamal, a founding partner at First Check Ventures, led the seed funding round. Y Combinator, a business accelerator based in the United States, was also a participant in the round.
According to the company, the freshly collected funds will be used to expand its personnel, develop new products, and speed client acquisition through greater marketing spending.
Gimbooks, full-fledged bookkeeping, accounting, loan, and banking platform focusing on Indian micro, small, and medium enterprises (MSME) and SME entrepreneurs, was founded in 2018 as an invoice-maker software.
GimBooks is a freemium business that has already racked up 12,500 paying subscribers and is on track to reach 25,000 premium users by the end of the year.
In the coming months, GimBooks is in talks with a few more foreign investors to finance its Pre-Series A fundraising round.
“We are ecstatic to announce GimBooks' first-ever fundraising round, which will allow us to accelerate our growth and client acquisition while also reaffirming our commitment to providing high-quality solutions to India's millions of small and medium-sized enterprises. "We are grateful to our investors, First Check Ventures and Y Combinator, for believing in GimBooks," stated Yash Raj Agarwal, the company's founder and CEO.
The firm boasts that its monthly growth rate is between 15% and 20% and that approximately 2 million people have downloaded its flagship mobile app.
GimBooks allows users to create GST-compliant invoices, waybills, purchase orders, and challans digitally, as well as get access to loans, manage inventory and expenses, keep track of various business documents such as sales and purchase reports, and notify customers of payment reminders, among other features, through its flagship mobile app and integrated website.
Khatabook, a digital ledger and bookkeeping startup, recently raised $100 million in a Series C fundraising round headed by Tribe Capital and Moore Strategic Ventures, two US-based venture capital firms.