Opinions expressed by Contractor the contributors are theirs.
You are reading Entrepreneur India, an international Entrepreneur Media franchise.
GimBooks is a cloud-based digital bookkeeping, bookkeeping, banking and lending platform designed for SMBs and MSMEs. Its easy-to-use mobile app is the perfect solution for retailers, manufacturers, wholesalers, traders, distributors, mom-and-pop grocery stores, kirana store owners, and many more.
Yash Raj Agrawal
Yash Raj Agrawal describes his business as more than just a digital data management platform. It allows small businesses to digitally create GST compliant invoices, waybills, purchase orders, quotes and challans seamlessly through their phones.
GimBooks technological offers
“Our platform, easy to use and uniquely offering a ‘domain accounting’ service”, Yash specified. With a good target in small and micro businesses in India, GimBooks is a solution to iron out the details and meticulous accounting requirements of these businesses.
With the majority of accounting in India still being handled in the traditional way, manual errors and reconciliations make the process cumbersome. Yash believes that with technology on the horizon and with digital tools and applications, that scenario is likely to change.
âGimBooks, through our mobile app and integrated website, seeks to accelerate and enable this future ‘technology-centric’ revolution for SME and MSME operations in terms of bookkeeping and accounting. We provide loans to our merchants where they need it – exactly where they need it. We are offering more products of this type that will be unique and will revolutionize the lending and purchasing journey of our users â, Yash added.
Impactful solutions for the creation and management of electronic documents
GimBooks has a total user base of over 1.6 million users, with over 10,000 daily active users and up to 2.5 lakh of monthly active users. They facilitate the monthly billing of nearly 1500 crore and allow the creation of documents over 3 lakh per month.
There is no doubt that users react rather well to accounting with technology. GimBooks’ total gross merchandise value (GMV) exceeds 5,000 crore and is, unsurprisingly, on the rise.
Sales transition during the pandemic
With the pandemic situation at hand, even their sales have gone digital, alongside people’s increased need for digital accounting. Yash says, âFor us, there was less physical sales and marketing activity, even before the Covid-19 hit. “
Currently, GimBooks operates on a “digital only” basis with the entire team working from home, which largely matches their “digital only” motto for accounting and bookkeeping for businesses.
Vision for the future
Prior to their existing domain-based accounting, GimBooks hopes to target industry-specific needs. “We are launching invoice financing in our app, for a much more efficient data-driven mechanism for credit analysis in invoices, payment history, buyer behavior, due dates, outstanding amounts, ledgers and more. It will be the first of its kind â, Yash added.
GimBooks vision is partly seen as a success with these accomplishments over the past few years:
- Year of creation – 2017
- 24 active employees
- Revenue for fiscal year 2020-21 – 1.75 crores
- USD 325,000 received in external funding.
- Main Indian MSMEs as clients
Yash also shared the vision to introduce features for âintegrated and connected bankingâ, collections for instant payments, and B2B and commerce lead generation through the GimBooks portal in the years to come!