Indian B2B marketplace IndiaMART will invest $1.8 million in Realbooks, a cloud-based accounting software platform, a move that gives it a 26.01% stake in the company.
Based in Kolkata, India, Realbooks lets business create customized invoices, attach files to vouchers, and manage their inventory, while also allowing for the management of multiple business units form a single dashboard.
“We at IndiaMART firmly believe that Indian businesses are diverse and have varied accounting and billing needs,” Dinesh Agarwal, CEO of IndiaMART, said in an announcement on the company website Monday (Feb. 28).
“Unlike existing desktop-based software solutions which were designed for traditional businesses, the team at Realbooks has consciously designed a cloud-first product that makes it appealing for new-age businesses.”
Anurag Mohta, CEO of Realbooks, said his company helps businesses that have offices in multiple cities, working in sectors such as logistics, auto sales and eCommerce.
Read more: IndiaMART Reveals Funding Target For IPO
Since going public, IndiaMART has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buyingn and BUSY.
“All these investments are part of IndiaMART’s long-term objective of offering various software solutions, which improve ease of doing business for Indian businesses and enterprises,” the company said.
See also: B2B eCommerce Platform Udaan Offers Employee Stock Options, Sets Firmer IPO Date
Earlier this month, udaan, another major player in India’s B2B space, announced it would issue employee stock options to each of its workers as it prepares for an initial public offering in 2023.
The company has set May 2023 as an IPO date. Udaan first announced the plans to go public in January after obtaining $250 million in funding.
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