[Funding alert] Fintech startup GimBooks raises seed round from First Check Ventures, Y Combinator
, the Raipur-based fintech startup focused on the SME segment, has raised undisclosed seed funding from a network of angel investors pooled by First Check Ventures through the US-based AngelList platform.
The funding round was led by Ali Jamal, Founding Partner at First Check Ventures. Y Combinator also invested in GimBooks by infusing about $1,25,000.
Founded in 2018, this is the first funding round for the bootstrapped GimBooks. The startup will use the newly-raised funds to ramp up its team, product development, and increased marketing spends to accelerate customer acquisition.
Speaking on the fundraise, Yash Raj Agarwal, Founder and CEO, GimBooks, said,
“More and more SMEs of our country will continue to show an increased inclination towards digitisation and tech adoption in the years to come, and while leveraging on this trend, we at GimBooks, remain committed to continuously serving the SME ecosystem.”
GimBooks — launched originally as an invoice-maker app — has evolved over the years into full-fledged bookkeeping, accounting, lending, and banking platform focused on the SME segment.
GimBooks operates on a freemium model, and it already has 12,500 paid users. It is looking to cross 25,000 paid users by the end of the current year. The startup claimed its growth rate to be around 15-20 percent monthly and has reached nearly two million installs of its app.
According to the Raipur startup, in the first quarter (April-May-June) of 2021, it registered a Rs 75 lakh in revenue and claimed to be on track to cross Rs 1 crore in the second quarter.
GimBooks also allows users to digitally create GST-compliant invoices, waybills, purchase orders, challans, and further helps them to get access to loans, manage inventory and expenses, and keep track of various business documents.
Edited by Suman Singh