CredFlow Acquires Y Combinator-Backed Startup TechBiz 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
By Teena Jose
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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, signalling 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.
"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," said Kunal Aggarwal, founder and CEO, CredFlow, adding that by acquiring TechBiz, CredFlow aims to launch its offering for over 600,000 Busy Accounting Software users all over India and globally.
CredFlow's cashflow management SaaS platform is said to help SMEs manage their finances by providing an overview of cash flows, improving outstanding receivables, and embedding contextual financial services to reduce the businesses' working capital cycles by 25-30%.
"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 optimise their cash flows and fuel their business growth." said Pratyush Sharma, co-founder and CEO, TechBiz.
In an official statement it is said that, 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, as well as, TechBiz team brings a wealth of experience in SME SaaS and will help CredFlow expand its offerings to more SMEs.
