Noida-based , on Monday, raised Rs 63.3 crore (~$8.16 million) in a Series A funding round led by Chiratae Ventures, Omidyar Network India, and Flourish Ventures.
DMI Alternative Investment Fund (the Sparkle Fund) and Unaprime Investment Advisors (an exclusive banker to QueueBuster) also participated in this round. The startup will focus on merchant growth, product enhancements, and scaling of its distribution network.
In a statement, QueueBuster said it will use the funding to drive merchant growth, product enhancements, and scaling of distribution networks.
TCM Sundaram, Founder and Vice Chairman, Chiratae Ventures, said, “QueueBuster team has over 8 years of experience in the Android POS industry. They have developed a very comprehensive solution for MSMEs in terms of features, user experience and cost-effectiveness. Their resolve to provide the best after-sales support to the MSMEs will be a cornerstone to succeed in the MSME market.”
With QueueBuster, merchants can manage their entire business operations with ease. Our aim is to reach at least 10 million merchants by the year 2025.”
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Aligning with our vision to improve the financial health and resilience of MSMEs, QueueBuster provides affordable technology solutions to small merchants through partnerships with banks and payment companies. In a rapidly digitising world, QueueBuster is helping these small merchants digitise business-critical processes thereby increasing the efficiency of their day-to-day operations,” added Amol Warange, Director, Omidyar Network India.
Founded in 2016 by a team of second-time entrepreneurs led by Varun Tangri, QueueBuster is a full-stack mobile POS application to manage billing, inventory, khata (daily ledger), online dukaan, and customers and loyalty programmes all from a single application.
The SaaS application is designed for a wide range of businesses from kirana and retail, to restaurants and fashion and apparel, to automobiles and more.
Varun said, “Merchants in today’s time are overwhelmed by a plethora of stand-alone applications for every small or big requirement of theirs. Unfortunately, none of those applications provide them with a holistic set of features to manage their end-to-end operations effectively. Merchants are forced to use multiple applications which decreases their efficiency even further.
The platform runs on all Android devices, including the recently introduced Android-based credit/debit card swiping machines.
“Our investment in QueueBuster aligns with our investment thesis to empower merchants of all scales and sizes to benefit from the fast growing digital economy,” said Harsh Gupta, an investment associate at Flourish Ventures.
QueueBuster claims to have over 20,000 merchants on-boarded on its platform across multiple industries ranging from neighbourhood kirana stores to enterprises like HUL, Tata, and ITC.
It has processed over 1.1 million invoices worth over Rs 130 crore in May 2022 alone. So far, the startup has recorded more than 12 million invoices worth over Rs 1,000 crore on its app since January 2021.
