IndiaMART, the B2B marketplace, announced its participation in the Series B investment round of Simply Vyapar Apps Private Limited (‘Vyapar’) worth Rs 217.6 crore. As part of the transaction, IndiaMART has acquired shares for an aggregate investment of Rs 61.55 crore via primary and secondary share purchases and will hold 27 per cent in Vyapar on a fully diluted basis.
“We had initially invested in Vyapar with a strong belief in the product and in the team’s ability to execute at scale. It is really heartening to see Vyapar grow several times since then - they currently have over 1 lakh paying customers,” said Dinesh Agarwal, founder, MD, IndiaMART.
Vyapar’s valuation post this round will stand at around Rs 883 crore. The investment round was led by WestBridge Capital and existing investor India Quotient participated too.
“We are on a mission to digitize the whole ecosystem of MSMEs in India. Having strong participation in our follow-on round from market leader IndiaMART and existing investor India Quotient gives us more confidence to become the market leader in our segment,” said Sumit Agarwal, founder and CEO of Vyapar.
Vyapar offers a comprehensive GST billing, accounting and inventory management mobile and desktop software app for small businesses, which allows them to digitise their business operations. It has over 1 lakh paying customers for its product.
IndiaMART had previously led Vyapar’s Series A Investment Round in September 2019 by investing Rs 31.2 crore for a 26 per cent stake in the company.
“In 2018 when we invested in Vyapar, neither SaaS for Indian SMBs nor the concept of self serves accounting apps were popular. In the last 4 years, Vyapar has grown well and established itself as a category creator and a leader. More than 20 million small businesses still do not use any accounting software, so there is immense potential to grow," said Gagan Goyal, General Partner, India Quotient.
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