Fintech startup HostBooks has raised $3 Million in its Series-A funding round from Razorpay.
The startup plans to use this fund to add new features to its existing product suite and develop innovative products including a deep learning-based business intelligence system and AI-based posting and recommendation system.
The company is also looking to use the funding to further scale up its operations with the launch of new products that support order management, neo-banking, advanced inventory and production management and AI-based business decision-making tools.
Through this funding round, the company will be one step closer to becoming a one-stop platform for all business and finance operations needs of MSMEs in India.
Gurugram-based HostBooks was founded in 2009 by chartered accountants – Biswajit Mishra and Kapil Rana, It is a cloud-based fintech platform that provides accounting and compliance functions to small and medium enterprises (SMEs).
It essentially helps SMEs to manage their Accounting, Taxes, GST, TDS, E-Way Bill, E-Invoicing, Income Tax and Payroll.
“We are simplifying and automating the entire business process by focusing on the sources of the transactions, banking, accounting, and tax compliances with an integrated end-to-end business management solution. With the growth in the economy combined with tax norms, the process of accounting and statutory compliance has become more complex. HostBooks, with its large range of services like billing, accounting, inventory management, payroll, compliance management, banking, and advanced business reporting, envisages making the whole process automated, easy to understand, hassle-free, and efficient”, said, Kapil Rana, Founder, HostBooks.
“We share a common vision with Razorpay, which is to build the financial backbone for businesses in India and enable them to thrive. This funding is a major step forward in that direction. Through Razorpay’s support and expertise, we would not only be able to make business processes simpler for entrepreneurs but also give them the tools they need to fast track the growth of their business,” said, Biswajit Mishra, Co-founder, HostBooks.
HostBooks is a comprehensive cloud-based platform for all the accounting and compliance functions including Accounting, GST, E-Way Bill, and TDS.
With the perfect blend of accounting and cutting-edge technologies, they aim at minimizing the compliance time for the SMEs with seamless user experience. Be it maintaining records, filing any return or any other compliance, HostBooks automated cloud software boosts up user productivity, promises an incredible and hassle-free user experience, cuts down the operation time and cost, keeping everything highly secured and intact.