India's small business finance space got some renewed attention by investors this week when local startup numberz.in announced seed funding.
Numberz.in offers small and medium-sized businesses a way to manage cash flow by offering solutions like invoice and expense management, reports explained, adding that the company currently serves about 3,750 SMEs in the country.
Cofounder Aditya Tulsian said regulatory changes headed India's way are likely to increase demand for numberz.in's services.
"With GST [goods and services tax], which will start next year, and with the recent demonetization which is influencing businesses to come online, we expect our business to grow rapidly in the months to come," he said. "Our business has doubled in this month already, compared to October."
The startup launched last year and told reporters at TechCircle that it will seek new funding of up to $5 million in its next round, though didn't say when it would look to close such an investment.
Numberz.in isn't the only FinTech firm in India to capitalize on a changing economic environment. B2B payments company Happay, which provides prepaid card solutions to employers for the purposes of expense management, also recently announced a reaction to demonetization. The firm rolled out an express onboarding service for SMEs that are now scrambling for digital payment tools, unable to turn to cash as they once had.