New Delhi, 08, June 2023: CredFlow, the cash flow management platform focused on mid-market small and medium enterprises, has announced its acquisition of business management startup TechBiz for an undisclosed amount in an all-cash deal, signaling its continued efforts to scale and grow in the Indian SME space. CredFlow is backed by leading VC funds such as Omidyar Network India, Stellaris Venture Partners, and Flourish Ventures.
By acquiring TechBiz, CredFlow aims to launch its offering for 600K+ Busy Accounting Software users all over India and globally. CredFlow’s Founder & CEO, Kunal Aggarwal, expressed his enthusiasm for the acquisition, “We are thrilled to welcome TechBiz to the CredFlow family. Adding TechBiz’s expertise and technology will help us expand our reach and better serve a broader base of SME customers. Our aim at CredFlow is to provide complete financial solutions to our customers, and this acquisition is a step towards achieving our goal of becoming the default financial operating system for SMEs and expanding the user base. This acquisition will expand our target market by ~15% into Busy Accounting Software users, who have shown higher conversion rates compared to Tally users when tested.”
TechBiz, founded by Pratyush Sharma and Vikramaditya Patil, IIT Bombay alumni and backed by Y Combinator in their W21 batch, helps small and medium-sized enterprises stay on top of their outstanding debtors and send timely payment reminders to customers. With its early users showing high retention and engagement, TechBiz was the first to provide such an offering to Busy Accounting Software’s users.
“We are excited to join hands with CredFlow to fuel the expansion of their robust cashflow management software to a broader customer segment. This strategic move enables CredFlow to cater to the growing demand for efficient financial solutions, empowering even more SMEs across India to optimize their cashflows and fuel their business growth,” said Pratyush Sharma, Co-Founder & CEO of TechBiz.
CredFlow’s cashflow management SaaS platform helps SMEs manage their finances by providing an overview of cashflows, improving outstanding receivables, and embedding contextual financial services to reduce the businesses’ working capital cycles by 25-30%. Since its launch in May 2020, over 1L+ businesses have used CredFlow to process and sync invoices worth more than ~$450 billion, with more than 45% of Indian GST businesses on the CredFlow Network.
As part of the deal, TechBiz’s co-founders, Pratyush Sharma, and Vikramaditya Patil will join CredFlow’s team to assist with the transition of the product. The TechBiz team brings a wealth of experience in SME SaaS and will help CredFlow expand its offerings to more SMEs.
