Vyapar acquires SaaS startup NeoDove to expand its offerings to SMEs
Aligning businesses to achieve a shared vision - Bringing holistic business solutions to SMEs.
Bengaluru, Karnataka, India – Business Wire India
Bengaluru-headquartered business accounting giant Vyapar acquired SaaS startup NeoDove last week for an undisclosed amount. With the acquisition, the two companies hope to step up their efforts to cater to the SME sector.
Both NeoDove and Vyapar are driven to make life easier for small and medium-sized businesses, and this acquisition comes on the back of meeting the growing demand for cutting-edge technologies for the less technologically-savvy SMEs.
“It's incredibly inspiring to see how far we've come, as well as how our users have been able to scale and grow their businesses. Now with Vyapar’s support, we look forward to reaching even greater heights.” - Arpit Khandelwal, Co-founder, NeoDove
Vyapar and NeoDove
Founded in 2016 by Sumit Agarwal and Shubham Agarwal, Vyapar today is India's top GST billing, inventory and accounting software provider for small and medium businesses.
The Vyapar App allows businesses to manage their financial data from a single platform. Their rich range of features has enabled the growth of many MSMEs in the country. Moreover, since its inception, Vyapar has gained the trust of over one crore users.
The company also raised $30M in a Series B round led by WestBridge Capital in January 2022. Other investors in the round included IndiaMART and India Quotient.
“Building on our six years of success, the acquisition of NeoDove is our next big step in expanding our offering of solutions to MSMEs and aligning it to our larger goal of addressing MSMEs' needs from all angles.” - Sumit Agarwal, CEO, Vyapar
NeoDove, founded in 2020 by Arpit Khandelwal and Ankit Kumar Agrawal, provides a unique telecalling and sales engagement solution for small and medium-sized businesses. Through their unique CRM system, NeoDove provides their customers with features that are required to drive better results from their sales, marketing and customer engagement efforts.
In addition to their comprehensive and customizable features that help streamline the telecalling process, NeoDove is recognized as one of the best in the industry for their exceptional customer support.
Over 700 companies have been onboarded to date, and these companies are not just from India, but also from the United States, the United Arab Emirates, and Qatar.
Their Shared Vision
“Small and medium enterprises (SMEs) are the lifeblood of our economy. One of the major problems holding them back is that they lack access to proper technology.” - Ankit Kumar Agrawal, Co-founder, NeoDove
MSMEs make up 70% of all businesses in India and contribute about 29% to the GDP. But many business owners still struggle to cope with their growth due to the lack of efficient systems. A large percentage still rely on manual methods, such as pen and paper or just Excel for accounting and telecalling.
Through their respective platforms, Vyapar and NeoDove so far have assisted hundreds of businesses to ditch the tedious manual processes and implement a more sustainable process of doing business. The companies have been keen on responding to the concerns of their users by adapting their platforms accordingly.
By coming together and leveraging their uniquely designed platforms, they wish to influence millions more. Despite their independent business identities, both companies are aligned in the direction of working and moving forward together.
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