HostBooks (www.hostbooks.com), an Indian FinTech startup focused on micro, small and medium enterprises (MSMEs), has raised $3 million in a Series A round led by payments platform Razorpay (PC42 profile). The funding comes when many MSMEs in India are looking for new technology to help them cut costs, reach more customers and improve productivity.
“We share a common vision with Razorpay, which is to build the financial backbone for businesses in India and enable them to succeed,” said Biswajit Mishra, co-founder of HostBooks. “This funding is a big step in that direction.”
HostBooks offers a comprehensive cloud-based platform for all the accounting and compliance functions including Accounting, GST, E-Way Bill, and TDS. Its solution would help small businesses with back-end processes such as compliance and accounting through its single sign-on collaboration platform, which hosts over 250,000 businesses. The platform’s features include an integrated eDocument management system with free cloud storage.
“Small businesses are a key driver of the Indian economy, and we at Razorpay are committed to helping them in every step of their growth journey,” said Harshil Mathur, CEO and co-founder of Razorpay. “It’s promising to see companies like HostBooks playing a critical role in creating a thriving growth environment for small businesses.”