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Vyapar acquires accounting automation startup Suvit

EntrackrEntrackr · 4d ago
Vyapar acquires accounting automation startup Suvit
Medial

Vyapar acquires accounting automation startup Suvit Business accounting software firm Vyapar has acquired accounting automation startup Suvit to strengthen its digital compliance solutions for Indian MSMEs. Vyapar did not disclose the size of the deal. Following the acquisition, Suvit co-founder Ankit Virani will join Vyapar as a business head, where he will oversee the integration of Suvit’s automation offerings into the broader Vyapar ecosystem, the company said in a press release. Co-founded in 2016 by Sumit Agarwal, Ruqiya Irum and Shubham Agrawal, Vyapar provides accounting software for mobile and desktop users to manage invoicing, inventory, and accounting needs. The platform enables MSMEs to handle invoicing, inventory, accounting, and compliance requirements, among other functions. Suvit, launched in 2022 by Virani and Kalpesh Zalavadiya, is an artificial intelligence and software as a service based accounting automation platform designed for chartered accountants and tax professionals. The platform aims to bridge the gap between taxation, accounting, banking, auditing, professionals and users to streamline workflows and reduce manual effort. It claims to serve more than ten thousand practicing firms and thirty thousand accountants. The combined entity, after the acquisition, will enhance operational efficiency and offer richer compliance features to MSMEs and tax professionals, accelerating adoption of software as a service and artificial intelligence, the company added. According to market research, the accounting software market in India is valued at about $3.38 billion in 2024 and is projected to reach $5.75 billion by 2030. Vyapar competes directly or indirectly with other startups in this segment such as Clear and SahiGST. The company claims to have served more than one crore MSMEs since inception.

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Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93%

EntrackrEntrackr · 3d ago
Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93%
Medial

Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93% Vyapar’s operating revenue rose 53% year-on-year to Rs 69 crore in FY25, up from Rs 45 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Business accounting software provider Vyapar continued to operate deep in the red in FY25 even as it expanded its year-on-year scale. The Delhi-based company’s losses remained high, though they narrowed, and its cash buffer eroded significantly during the last fiscal year. Founded in 2018, Vyapar helps SMEs keep track of their receivables and payables, inventory management, send customized invoices, payment reminders and transaction messages in multiple languages. Revenue from the sale of its software’s license accounted for 90% of the income while the rest came from provision of its services (subscriptions fee). Employee benefits remained the company’s largest cost component accounting for 72% of the total expense. This expense increased 11% to Rs 102 crore in FY25 from Rs 92 crore in FY24. Other operating overheads such as customer support cost, rent, marketing, etc added the remaining Rs 39 crore to the total income which increased by 11% year-on-year to Rs 141 crore in FY25 from Rs 127.5 crore in FY24. At the bottom line, the company reduced its net loss by 13% to Rs 63 crore, compared to Rs 72.6 crore in FY24. Its ROCE and EBITDA margin stood at -62.61% and -102.9% respectively. On a unit basis, the company spent Rs 2.04 to earn a rupee of operating revenue in FY25. The company’s current assets decreased to Rs 89 crore in FY25 from Rs 141 crore in FY24. Its cash and bank balance was cut by 93% to Rs 6 crore in FY25 from Rs 91 crore in FY24. Vyapar has raised a total of $36 million of funding till date, having Indiamart and WestBridge as its lead investors which owns 25.5% and 16% of the company respectively.

PayRange acquires Noida-based laundromat startup Turns

EntrackrEntrackr · 9m ago
PayRange acquires Noida-based laundromat startup Turns
Medial

Snippets PayRange acquires Noida-based laundromat startup Turns Fintech startup PayRange has acquired Turns, a vertical SaaS startup in the laundry space, for an undisclosed amount. This acquisition will combine PayRange's machine payment system with Turns' laundry management software to expand services in the U.S. laundromat industry. The platform will provide tools for business management, pickup and delivery, point-of-sale, and payments. PayRange provides a system of connected solutions for payment processing, identity verification, and commerce. It supports operators in managing revenue, reducing expenses, and streamlining operations. Founded by Sukanth Srivastav and Vishal Gupta, Turns provides laundromats with a software and hardware-integrated platform that includes point-of-sale, customer management, payment processing, accounting, employee management, logistics, and compliance. "Our platform was created to change how laundromats are managed. Now, with PayRange, we can do this on a larger scale and share our vision for the future of the laundromat business," Srivastav stated. Earlier in Jan 2023, Turns had raised $500K in a pre-seed round led by Better Capital, along with participation from PointOne Capital and angel investors.

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