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How Y Combinator-Backed Fintech Startup GimBooks Empowering SMBs With Do-It-Yourself GST Accounting

How Y Combinator-Backed Fintech Startup GimBooks Empowering SMBs With Do-It-Yourself GST Accounting

Founded in 2018 via Yash Raj Agarwal, Meghal Agarwal and Ujjwal Agarwal, fintech startup GimBooks lately raised an undisclosed quantity of seed investment from First Check Ventures and $125K from seed cash startup accelerator Y Combinator

Yash tells cft that the startup started as a GST Invoice Management (GIM) issuer and handiest these days forayed into a full-stack accounting platform for small and medium groups (SMBs)

GimBooks is in advanced talks with global investors to close a pre-series A spherical by means of the quit of the 12 months

While creating commercial enterprise possibilities is one of the tedious responsibilities for an entrepreneur, a huge headache is managing all kinds and sizes of transactions. For small and medium businesses (SMBs) and startups, it normally turns into tough to manipulate invoices, filing taxes and other compliances in absence of in-residence resources. Further, miscalculations or inaccuracy in book-preserving can placed the founders in a monetary mess.

Founded in 2018 by way of Yash Raj Agarwal, Meghal Agarwal and Ujjwal Agarwal, Raipur-primarily based fintech startup GimBooks is fixing those ache factors for startups via an app-primarily based e-book-preserving, accounting, lending, and digital business control platform.

From DIY GST Invoicing To Fulfilling Financial Needs

Yash tells cft that the startup began as a GST Invoice Management (GIM) provider and has these days forayed right into a complete-stack accounting platform for SMBs. “Now, we allow SMBs to manage their invoices, all product documentation like quotations, buy orders, payments and ledgers — entire bookkeeping to empower India’s MSME and SMBs entrepreneurs,” Yash introduced.

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Through an incorporated internet site, the startup lets in customers to digitally create customised GST-compliant invoices, waybills, buy orders, challans, and many others primarily based on the industry — pharma, digital retail, production, transportation industry and so forth. Currently, it gives customisation to eight industries and plans to extend to a few extra industries by way of the cease of September.

GimBooks Empowering SMBs With Do-It-Yourself GST Accounting

Further, since the customers are already filling within the GST details along with purchase receipts, charge receipts, HSN codes manually, an included GST-filing feature might be introduced to the app by using the cease of September. Additionally, the startup additionally goals to release an ITR filing characteristic and TDS submitting.

However, even though the business enterprise began with its recognition on bill management, it is now focussing on lending marketplaces, connecting debtors with undisclosed accomplice creditors via the cell app as aside from managing accounts, a massive pain point for SMBs and startups is raising finances.

GimBooks additionally allows groups to manipulate payments — pending payments, reminders, sending links for gathering money through playing cards or other units.

Talking approximately the idea at the back of the startup, Yash stated: “I even have traded on diverse business merchandise, and to manage the invoices, we'd use Tally which is very complicated, for a layman planting a bottleneck while an accountant isn't round. So, the trigger points right here were the want for a ‘Do-It-Yourself’ cellular-based app, and the roll-out of GST in 2017, which advocated us to have a whole answer with out a studying curve.”

Securing A Place In $8.7 Bn SMB Opportunity For SaaS Startups

In India, there are 50K+ DPIIT-recognised startups, and, there are about sixty three Mn SMBs in India as consistent with the official estimates. Out of these, 44 Mn or approximately 70% are unregistered, whereas the ultimate 19.5 Mn are officially registered. According to Cisco’s 2020 Asia Pacific SMB Digital Maturity Study, 69% of SMBs in the Asia-Pacific had been accelerating their digitalisation prices to deal with COVID-19 challenges.

The low generation adoption makes SMBs much less efficient in comparison to tech-adoptive agencies despite their importance to the economy. Besides the onset of the Covid-19 pandemic has performed an critical function in digitisation to increase the overall productivity of the sector.

Traditionally, SMBs would need to connect with numerous departments to fulfil separate wishes — banks for non-public finance, CAs for tax filings, in-house accountants for handling ledgers, amongst others. Now, organisations are changing themselves with the evolution of SaaS startups.

The overall market opportunity for horizontal SaaS solutions in the SMB area is envisioned to be $eight.7 Bn, as in line with DataLabs by cft Plus analysis at the various sectors that make up the general SMB market.

GimBooks runs on a freemium version and claims to have 12K+ paid customers, aiming to reach 25K+ plus customers by using the year-cease. The sales version of the startup is subscription-based — six months to lifetime and fee on the disbursal of the loans. It is also in a pipeline to begin charging commissions on payment collection. The startup claims to have decreased the payment series time via half for an average SMB.

GimBooks claims to have clocked a revenue of INR seventy five Lakh in Q1 of FY2021 at the track of crossing INR 1 Cr in the modern sector with a increase fee of 15-20% (MoM).

Validation For A Small-Town Startup

GimBooks these days raised seed investment of an undisclosed quantity led by using First Check Ventures. Y Combinator also participated within the spherical pumping $125K into the fintech startup.

The price range may be utilised for product development and purchaser acquisition through extended advertising spends. Yash instructed cft that at the same time as the product nonetheless caters to SMBs most effective in India, the startup is planning a worldwide launch in October-November.

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GimBooks is also in superior level talks with global investors to close a pre-collection A round with the aid of the quit of this year.

After AtmaNirbhar Bharat Innovation Challenge win, Y Combinator’s funding changed into some other milestone for the startup, permitting it to have conversations with other traders to pump price range inside the full-stack e-book-retaining platform.

“We do not come from Bengaluru or Mumbai, however from a totally small town altogether, wherein the startup ecosystem is not very well connected. From a strategic and partnership factor of view, it helped us establish connections with banks tons less complicated than before. The milestone gives a much-wanted validation to a small-city startup internationally,” Yash added.

The “Big Four” within the accounting services marketplace are PWC, Deloitte, KPMG, E&Y, even as GimBooks competes with startups such as Y Combinator-backed Clear (previously ClearTax) that final raised $50 Mn Series B, publicly-listed (on NYSE) Avalara with a market cap of $222 Mn and Zoho Books, the GST-compliant accounting solution from tech corporation Zoho.

The accounting software program marketplace is projected to grow at a CAGR of more than 14% all through 2016-2021, similarly, in keeping with a NASSCOM file, the SaaS market is expected to grow at 36% consistent with annum and contact $three.3-three.Four Bn through 2022.

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