QueueBuster, a mobile point-of-sale (PoS) startup, announced in a prepared statement on Monday that it had raised Rs 63 crore (or around $8.16 million) as part of its fresh fundraising round headed by Chiratae Ventures, Omidyar Network India, and Flourish Ventures.
DMI Sparkle Fund, an alternative investment fund, and Unaprime Investment Advisors also took part in the deal.
The company says it will use the funds to expand its distribution network, improve its products, and grow its merchant base.
QueueBuster, a full-stack mobile PoS application provider founded in 2016 by Varun Tangri, enables businesses to manage billing, inventory, daily ledgers, and customer loyalty programmes through a single application.
The application is used in small kiranas, retail stores, restaurants, and stores selling apparel, automobiles, and other goods. All Android devices, including the recently released Android-based card-based swiping machines, support QueueBuster.
“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,” said Tangri in a statement.
QueueBuster states that over 20,000 merchants from various industries, including large companies like Tata, Hindustan Unilever Limited (HUL), and ITC, have joined its platform.
Since January 2021, the business has processed more than 1.1 million invoices totalling more than Rs 1000 crore with its app.
Current competitors of the startup’s product line include 1K Kirana Bazaar, Vyapar, FloBiz, Dukaan, and Bikayi.
“QueueBuster has 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 success in the MSME market,” said TCM Sundaram, founder and vice-chairman of Chiratae Ventures.