Vyapar Acquires Suvit to Boost Digital Compliance for MSMEs As part of the deal, Suvit co-founder Ankit Virani will join Vyapar as a business head.
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Business accounting software firm Vyapar has acquired the accounting automation startup Suvit as part of its plan to strengthen digital compliance solutions for micro, small and medium enterprises in India. The company did not reveal the value of the transaction.
As part of the deal, Suvit co-founder Ankit Virani will join Vyapar as a business head. He will lead the integration of Suvit's automation tools within the wider Vyapar platform, the company said in a press release.
Vyapar was founded in 2016 by Sumit Agarwal, Ruqiya Irum and Shubham Agrawal. It offers mobile and desktop based accounting software that helps businesses manage invoicing, inventory and essential compliance needs. The platform is used by MSMEs seeking to simplify day to day financial operations.
Suvit was launched in 2022 by Ankit Virani and Kalpesh Zalavadiya. It is an artificial intelligence and software as a service powered automation platform created for chartered accountants and tax professionals. It focuses on linking taxation, accounting, banking and auditing tasks in order to reduce manual work. The company says it serves more than ten thousand practicing firms and thirty thousand accountants.
Vyapar stated that the combined capabilities of both companies will support better operational efficiency and expanded compliance features for MSMEs and tax professionals.
