Simply Vyapar Apps to receive a Rs 61.55 cr investment from IndiaMART
Vyapar to be valued at roughly Rs 883 crore, WestBridge Capital led the financing round, and India Quotient, an existing investor, took part
Simply Vyapar Apps Private Limited ('Vyapar') announced its participation in the Series B investment round of Simply Vyapar Apps Private Limited ('Vyapar') valued Rs 217.6 crore on IndiaMART, the B2B marketplace. IndiaMART has purchased shares in Vyapar for an aggregate investment of Rs 61.55 crore through primary and secondary share purchases, and would own 27 percent of the company 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 will be valued at roughly Rs 883 crore after this round. WestBridge Capital led the financing round, and India Quotient, an existing investor, also took part.
"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 is a mobile and desktop software solution for small enterprises that allows them to digitise their business operations. It includes GST billing, accounting, and inventory management. Its product has over 1 lakh paying clients.
Indiamart has earlier led Vyapar's Series A Investment Round, investing Rs 31.2 crore for a 26% investment in the company in September 2019.
"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.