Amritsar, NFAPost: Business-to-business marketplace platform IndiaMART has made an investment of 360 million rupees in Simply Vyapar Apps Ltd that owns a mobile-based accounting software “Vyapar,” the company said in a statement today.
The Series A funding round also so participation of current investors, India Quotient and Axilor, it said.
The Vyapar application is a platform that can be used by small and medium enterprises for handling stock inventory and accounting solutions, and for billing Goods and Services Tax invoices.
The country’s largest business-to-business online marketplace has over the years made access to market easier for medium and small businesses through its digital marketplace, IndiaMART Managing Director Dinesh Agarwal said adding that the new investment would enable the company’s long-standing vision of cost-effective and efficient solutions.
“This investment in Vyapar that is solving the complex billing and accounting needs of MSMEs in a simplified manner is aligned with our long term vision to make doing business easy for millions of businesses by providing them tech-enabled easy and cost-effective solutions,” Agarwal was quoted as saying.
According to the company, IndiaMART currently has 88 million registered buyers who search from 62 million products and services, and who also have access to over 5.6 million suppliers.
Vyapar, amid the growing trend of digitalisation, also aims to digitise businesses across the country to facilitate ease of doing business, the company’s founder Sumit Agarwal was quoted as saying.
“IndiaMART’s scale and expertise will help us achieve this goal faster, in turn, transforming the MSME landscape in India,” he said.