MyBillBook, a startup that helps digitise small and medium businesses, has raised $31 million in Series B round led by Sequoia Capital India, Think Investments, and its existing investors Elevation Capital and Beenext.

The latest round also saw participation from renowned angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.

The startup plans to use the capital for team expansion, product development, and scaling distribution to serve more businesses. FloBiz(MyBillBook) will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.

Before the $31 million Series B capital raise, FloBiz had raised $10 million in Series A from Elevation Capital and existing investors in March 2021.

“We’re extremely thrilled to have Sequoia Capital India & Think Investments along with such a stellar set of angels back us on our mission. This raise will help us accelerate projects which have been in the works up till now – building personalisable modules & features into MyBillBook, diversifying core product offerings, and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months,” said Rahul Raj, cofounder and CEO of myBillBook.

FloBiz’s flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access important business reports to enable efficient decision making. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month.