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[Tech50] This Raipur startup is using tech to help small businesses with their financial and business management functions



While working at Target Corporation a few years back, Yash Raj Agarwal had realised that SMEs (small and medium enterprises) and startups find it hard to manage invoices, file taxes, and follow other compliances, especially in the early days when they lack in-house resources and manpower to do these things. 

Also, miscalculations or inaccuracies in book-keeping can be significantly damning for a startup.

“I realised there was a dire need for modern accounting and book-keeping systems. So when the GST roll-out took place in 2017, I felt it was the right  opportunity to move in this direction, and thereby launched GimBooks,” says 32-year-old Yash, an alumnus of the Symbiosis Centre of Management Studies, Pune, and Alliance University.

GimBooks is Yash’s second entrepreneurial venture and he has a total industry experience of seven years. The startup is also one of YourStory’s Tech50 2021 companies.

What does it do

From a simple  invoice-maker app in early 2017 to solving various other pain points for startups and SMEs and becoming a full-stack SME focused book-keeping, accounting, lending, and digital business management platform, GimBooks has come a long way over the last few years and has 25 people on its rolls.

Today, it is a mobile-first book-keeping, lending, and payments platform for small and medium enterprises. Its USP (unique selling point) lies in the interface and features of its app, which customises itself according to the industry (domain) a particular client is from.  It also enables SMEs to integrate their banking and payments along with their book-keeping.

On the app, clients can create, share and manage documents, day-to-day purchases, inventories, and more. SMEs can also collect their payments from buyers through payment links, apply for loans, file their GSTRs, etc.

Funding and workings 

GimBooks has raised a seed round led of $315,000 from First Check Ventures and Y Combinator. The Raipur-based startup says that it offers a “comprehensive” book-keeping, accounting, lending, banking, and a digital business management platform that is customised for the needs of SMEs and entrepreneurs. 

Through its flagship mobile app and integrated website, GimBooks allows its users to digitally create GST-compliant invoices, waybills, purchase orders, challans, and also helps them to get access to loans, manage inventory and expenses, keep track of various business documents such as sales and purchase reports, notify payment reminders to customers, and more.

The mission

Notably, GimBooks also offers a domain-specific ‘Do-It-Yourself’ book-keeping solution, wherein invoices and other documents can be customised specific to the industry a user belongs to.

“We are on a mission to become the most preferred mobile-first business management platform of choice for Indian shopkeepers, grocery store owners, retailers, distributors and so many other small and medium sized businesses across various parts of India,” says Yash. 

The mobile-first platform offers a range of features, including creating and managing GST invoices, e-way bills, quotations, purchase orders, and various other documents required in day-to-day business. Additionally, it helps  integrate banking and payments with the business’ book-keeping. 

The business model 

The platform runs on a freemium model and has over 12,500 paid users. It follows a subscription based model of “six months to lifetime” and a commission based on the disbursals of the loans. The startup also plans to start charging commissions on payment collection. Currently, its primary revenue sources are commissions on transactions and lending, and subscriptions.

GimBooks says that through its platform, the startup has managed to reduce the payment collection time by half for most SMEs. 

While its backend is built on Django, the startup also uses MySQL, Java, and Firebase for notification and crash analytics. 

The road ahead

A Google-KPMG study reveals that digitally empowered SMEs have about twice the revenue growth projections as compared to offline SMEs. It’s no surprise then that the segment has several startups, including KhataBook, Namaste Credi, OkCredit, and others. GimBooks counts the likes of Vyapar App and MyBillBooks as its competitors.

The startup is in the process of launching invoice-based financing on its app, leveraging the data it has collected so far to analyse the creditworthiness of clients. According to GimBooks, no other book-keeping platform has been able to offer instant loan approvals based on invoices.


Its future plans include:

‘Open banking activities’ by introducing ‘integrated and connected banking’ in the app, for which it has already partnered with ICICI Bank. “We are in conversation with a few more banks for similar integrations as well,” adds Yash

Then there’s ‘transactions’ for which the startup is introducing a ‘collections’ feature on the app (users can collect payments of their invoices from their customers by sending instant payment links from the app). 

“We are also introducing payouts from where the merchants will make payments to their vendors, employees, etc., and all the reconciliation would happen automatically, which would save a lot of time and effort that would have gone otherwise in manual data entries of these transactions.” 

And lastly, ‘B2B lead generation and commerce’ for which GimBooks is developing a B2B (business-to-business) lead generation and B2B (business-to-business) commerce portal. 

“We already have over 2,50,000 monthly active users on our platform to engage in other productive activities like lead generation and commerce. While our product still caters to SMBs only in India, GimBooks is planning a global launch in November. We are also in advanced stage talks with a few international investors to close a pre-series A round by the end of this year,” says Yash.  According to him, the startup is currently valued at $16 million with an annual recurring revenue (ARR) of $0.5 million. The startup aims to have 500,000 paying customers at an ARPU (average revenue per unit) of $200.


GimBooks is a YourStory Tech50 startup for 2021.

Edited by Ramarko Sengupta

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Amazon may lay off 20,000 employees, including managers: Report



Amazonmay lay off about 20,000 employees across divisions as the company reevaluates its pandemic-induced hiring spree, according to a media report.

A Computerworld report stated that the tech giant could lay off employees across the company, including distribution centre workers, technology staff, and corporate executives. Staff at all levels will likely be affected, it found.

Last month, the New York Times reported that Amazon plans to lay off approximately 10,000 people, and “the cuts will focus on Amazon’s devices organisation, including the voice-assistant Alexa, as well as at its retail division and in human resources”.

However, according to Computerworld, the layoffs could impact nearly double the number of employees– roughly 6% of the company’s corporate employees and about 1.3% of its global workforce of more than 1.5 million composed primarily of hourly workers.

YourStory could not independently verify the report.

Corporate staff have been told that employees will receive a 24-hour notice and severance pay, in accordance with their company contracts, the Computerworld report noted. “There is a sense of fear among employees in the company as the news has come out,” the report added, quoting a source who was informed directly about the layoff effort.

The layoffs would be the largest staff reduction in Amazon’s history.

“There is no specific department or location mentioned for the cuts; it is across the business. We were told this is as a result of over-hiring during the pandemic and the need for cost-cutting as the company’s financials have been on a declining trend,” the source told Computerworld.

After the New York Times report, Amazon Chief Executive Officer Andy Jassy shared some information about role eliminations in a note. Jassy confirmed that layoffs were occurring, though he did not specify the planned number of employees to be laid off.

“Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments. Those decisions will be shared with impacted employees and organisations early in 2023,” Jassy wrote in the message, noting that Amazon had already communicated that layoffs would occur in the Devices and Books businesses, and would be extending a voluntary reduction offer for some employees in the People, Experience, and Technology (PXT) organisation. 

“We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down,” Jassy noted.

Meanwhile, the Computerworld report noted that employees on Amazon’s robotics team have been laid off.

Amazon’s muted third-quarter earnings as well as disappointing fourth-quarter projections led the company’s stock to plummet. Its third-quarter earnings were severely impacted by unpredictable consumer shopping habits and inflation. 

Amazon is likely to lay off several employees in India across divisions, according to media reports. Last month, Amazon confirmed that it will shut down its wholesale unit Amazon Distribution. This is the third business unit to be closed after the e-commerce giant announced the wrapping up of Amazon Academy and the food delivery business in India.

Globally, tech companies have announced layoffs as part of their cost-cutting efforts. In November, Meta CEO Mark Zuckerberg announced that the company had decided to reduce the size of its team by about 13%, cutting over 11,000 jobs. In the same month, Elon Musk reduced half of Twitter’s workforce or about 3,700 jobs at the social media firm.

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Unlock The Entrepreneurial Potential Of Your Team With Employee-Ownership



A strong team of many outperforms even the most hardworking of entrepreneurs on their own. But when hiring employees, freelancers and contractors, how do you ensure they have the same entrepreneurial skills and drive that you do as your company’s owner? Is it unrealistic to expect employees to be motivated and committed to an organisation they didn’t found?

Nicki Sprinz thinks she has cracked the code of unlocking the entrepreneurial potential of your team, and the answer lies in employee ownership. Sprinz is managing director of B-Corp certified ustwo London, a company of over 200 employees, and cofounder of Ada’s List, an 8000-strong community designed to support women working in the tech industry. ustwo has recently become employee-owned and has already seen the benefits of breaking down the distinction between owners and employees.

According to the Employee Ownership Association, this way of working can improve productivity, support more resilient regional economies and empower team members, resulting in them being far more engaged. Sprinz explained the main benefit for entrepreneurs of this model along with practical tips for managing directors and company founders to make the transition to becoming employee-owned.

Employee ownership protects the company

“Being employee-owned means existing team members, who are now partners, feel empowered as owners,” said Sprinz. She believes that this encourages everyone to put in the work to uphold a strong company culture and course-correct if they see anything awry.

Whilst this might not happen automatically, a founder can make it more likely that their team upholds the vision. Sprinz has put frameworks in place to ensure everyone has a voice. “We hold open firesides, have elected partner representatives on the board, and ensure there are regular channels of communication for all team members to be part of growing the culture and living the values,” she said.

Keeping the team on board means protecting the company. “There are no surprises about the direction we are taking with the business,” explained Sprinz. “We involve everyone in the decisions we make on our projects and ensure we are accountable, both commercially and ethically.”

Attract and retain top talent

In a competitive market, how does your company attract and retain the best talent in the world for the benefit of your clients? Employee-ownership could be the solution. Not only does it make job listings stand out, but it attracts individuals who are like-minded and think long term. They are committed to a future with whichever company they choose to join and are prepared to push themselves to make it happen.

“High quality potential recruits and employees are interested in values and purpose,” said Sprinz. “Being able to talk about employee ownership helps you stand out in a tough hiring market. We have several interview stages so a candidate can get to know us as well as we’d like to know them.”

Sprinz’ interview stages aim to weed out “cultural and value mismatches that ultimately lead to an unfulfilled team.” They ask candidates multiple questions about their values and examples of them in practice, and they encourage candidates to probe with questions about ustwo. They also “publicise the salary for all open roles and candidates have the opportunity to meet other members of the team,” she added.

Control quality

When scaling a business, ambitious entrepreneurs cannot afford to let quality slip. Growth at all costs is a false economy that ends with the business back at square one and having to work harder to undo reputational damage. “A more entrepreneurial team ensures quality stays high,” explained Sprinz. Not only do your team members care deeply about the work they do, they also know they benefit from company growth, so they are incentivised to keep raising the bar.

“If your team is invested in the long term financial success of the company, they also feel pride that their work contributes to overall success,” said Sprinz. “They respond by raising the bar on their work.” Sprinz also believes that, “Regular transparent sharing of financial results and metrics maintains dialogue on personal and company impact.”

Direct the future

An employee-owned company has options for the future. The owner might one day want to step aside or sell, and the company’s succession plan will already be in place. In the meantime, the company has hit new heights and progressed with new ideas because its foundations are solid.

Like Maslow’s Hierarchy of Needs, you cannot reach self-actualisation without warmth and shelter, and a company cannot break through ceilings with constant recruitment issues. When team members are bought into the company, they are bought into its future too, making more certain outcomes for everyone involved.

“The partner representatives on the board surface the priorities of the rest of the team and ensure the conversations of the board are directed accordingly,” explained Sprinz. “The representatives are actively part of the bigger picture and playing a huge part in shaping the company’s future.”

Unlock the entrepreneurial potential of your team by exploring employee ownership, advised Sprinz. The best people will be proud to tell their friends that they are part-owners of the place they work. They will feel valued and listened to and respond with their effort and devotion. Could employee ownership be the right step forward for you?

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With $3M new funding, Egyptian startup OneOrder sets out on growth drive • TechCrunch



OneOrder, Egypt’s supply chain solutions provider for restaurants, has raised $3 million seed funding led by Nclude with participation from A15, and Delivery Hero Ventures. The latest funding brings the total funding raised by the startup to $10.5
million, including $6.5 million working capital financing from financial institutions.

Launched in March this year, OneOrder makes it possible for restaurants to order food supplies through its online platform, solving the fragmented supply chain challenges that lead to erratic prices, waste, quality issues, and storage cost.

By using its platform, restaurants no longer have to deal with tens of suppliers, and can order only what they need, for next day delivery, stemming wastage and doing away with the need for warehouses. The platform also ensures operational efficiency and helps restaurants save money by leveraging OneOrder’s economies of scale.

The startup plans to use the funding to scale its operations in Egypt including increasing its warehouse footprint, and to explore growth opportunities within the Gulf Cooperation Council (GCC) region, and Africa.

“We are exploring Saudi Arabia and expanding south into our continent. I think Africa has a lot of markets that feel the same pain points that Egypt does,” said OneOrder co-founder and CEO, Tamer Amer, who co-founded OneOrder with Karim Maurice (CTO), also founder Cube, an online restaurant-reservation service.

“The solution that we’re providing has shown that this industry is ready for tech solutions…[and] we are working on a more substantial operating system for the restaurants not just the supply chain and inventory management system, rather the full cycle that would turn their operations automatic by using AI and machine learning capabilities to drive the supply chain,” said Amer, a restaurateur for over two decades, initially in the U.S before settling in Egypt from 2008.

Amer, told TechCrunch that the sourcing challenges he experienced operating two restaurants in Egypt — Fuego, a sushi bar, and Longhord Texas Barbeque — inspired the launch of OneOrder, to serve the country’s total addressable market of 400,000 restaurants.

“I had always taken the supply chain in the U.S for-granted; we would order and get the supplies all the time. We didn’t have to worry about shortages or price changes. I realized that Egypt is so underserved and the industry is really doing a lot of things that we shouldn’t be doing,” he said.

“… restaurants should not have a full-time job monitoring the supply chain and procuring products because it takes away focus on the core business, which is serving customers. So that’s where the idea really started,” he said.

OneOrder plans to, through its partners and backed by its extensive data, begin extending working capital financing options to restaurants as a way of helping them scale their operations.

Basil Moftah, the managing partner at Nclude, said: “The product-market fit of the OneOrder solution is very impressive, along with the positive impact it is delivering to all stakeholders in the value chain. Through the use of technology and alternative data, OneOrder’s embedded financing will help underserved clients who are unable to secure traditional financing. This aligns perfectly with our investing philosophy and we are glad to be embarking on this journey with the team.”

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