IndiaMART, a B2B marketplace, has announced its participation in the Series B Investment Round of Simply Vyapar Apps Private Limited (Vyapar), of Rs 217.6 Crores.
The round has been led by WestBridge Capital, along with the participation of existing investor India Quotient. Vyapar’s valuation post this round shall stand at approximately Rs 883 Crores.
As part of the transaction, IndiaMART has acquired shares for an aggregate investment of Rs 61.55 Crores, via a mix of primary and secondary share purchases. Post this round, IndiaMART shall hold 27% in Vyapar on a fully diluted basis, the statement said.
Vyapar offers a comprehensive GST billing, accounting and inventory management mobile and desktop software app for small businesses, which allows them to digitize their business operations. It has over 1 Lakh paying customers for its product.
IndiaMART had previously led Vyapar’s Series A Investment Round in September 2019, by investing Rs 31.2 Crores for a 26% stake in the company.
Speaking about the investment, Dinesh Agarwal, founder and MD of IndiaMART said “We had initially invested in Vyapar with a strong belief in the product and in the team’s ability to execute at scale. Its really heartening to see Vyapar grow several times since then – they currently have over 1 Lakh paying customers. We continue to be excited and partner for their next phase of growth, as part of our long term vision to make doing business easy for millions of Indian businesses.”
Sumit Agarwal, founder and CEO of Vyapar said “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 market leader in our segment. We welcome our new investor WestBridge to Vyapar family. With WestBridge coming in, we become even more stronger to achieve our mission of making Vyapar, the largest business platform, in India”
Gagan Goyal, General Partner of India Quotient said “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, and India Quotient is excited to be part of this journey.”
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