HostBooks secured funding from Orange Orbit LLP
The funding round was part of the company’s Series B fundraising, of which $2.5 million had already been disbursed in the first tranche.
Founded by Kapil Rana in 2009, HostBooks provides cloud-based solutions, helping businesses solve the complexities of compliance, accounting, finance and operations.
SaaS-based accounting startup HostBooks has raised $5 million (around INR 42.4 Cr) in its $15 million Series B funding round from Orange Orbit LLP.
According to the company, of the total funding round, the first tranche of $2.5 million had already been disbursed.
The Gurugram-based startup plans to deploy the new benefits to expand its AI product suite, increase its global presence and strengthen the team across sales, product marketing and operations.
Founded by Kapil Rana in 2009, HostBooks provides cloud-based solutions, helping businesses solve the complexities of compliance, accounting, finance and operations. The startup also leverages AI and machine learning to enable entrepreneurs to have complete operational control.
Later, he appointed Biswajit Mishra as co-founder.
HostBooks claims to have expanded its offerings to the UAE in 2023.
In 2022, the company obtained $3 million in its Series A funding cycle led by fintech giant Razorpay.
This comes at a time when the Indian fintech space is gaining a lot of traction among investors.
For example, a few days ago, fintech startup Snapmint pocketed $18 million in its pre-Series B funding round led by Prashasta Seth of Prudent Investment Managers to launch new BNPL products.
Likewise, fintech startup Mintifi raised a total of $180 million (over INR 1,500 Cr) in its Series E funding round co-led by Teachers’ Venture Growth (TVG) and Prosus to expand its presence in key sectors and strengthen its position in the supply chain finance segment.
Meanwhile, addressing the Global Fintech Summit 2024, Prime Minister Narendra Modi said that Indian fintech startups have seen a 500% growth over the last 10 yearsthe local fintech ecosystem attracting investments of over $31 billion.
According to The Inc42 report, India is home to 24 fintech unicorns and 36 soon-to-be unicorns.
The report further states that India’s rural fintech space is expected to reach the $208 billion mark by 2030.