A cloud-based bookkeeping app, Gimbooks was launched in 2017, in the same year when the Goods and Services Tax (GST) was also launched. This was aimed to bring easy digital solutions to SMEs and small businesses in the country. Over the years, their services expanded to creating e-way bills, purchase orders, quotation creation, managing inventory, filing GSTR and applying for loans, among other functions. This year it has made it to the list of startup accelerator programme Y Combinator’s winter batch of 2021. The firm has so far gained 10,000 paying customers and is offering its services on a subscription basis.

When the country is witnessing rapid technology adoption on account of the coronavirus, apps like Gimbooks are playing an important role in the
digitization of small and medium businesses.

Yash Agarwal, founder a former business analyst for Target Corporation, had previously owned a venture which traded in pyrolysis products across India. Even after completing his MBA and having sufficient knowledge in finance, he could not manage the ledger, accounting and expense analysis.

“I realised that this was meant for specialized accountants and as someone running a small business, I could not afford a full-time accountant, I had to do it myself.”

“Gimbooks is a do-it-yourself easy platform. It does not require any prerequisite training. At the bottom of the pyramid, there are people who are not so tech savvy for accounting and bookkeeping. These guys are looking for a simple, easy-to-use approach that can manage extensive invoicing, sending payment reminders, payment receipts to merchants, etc,” he said.

.During the initial months of COVID-19, the company saw a dip in revenue but bucked up from the month of June as customer engagement jumped and it has seen a growth of 15% month on month. Gimbooks digital services came in handy during this period, as most of their merchants worked from home and not from their offices.

The firm has so far gained 10,000 paying customers and is offering its services on a subscription basis. For the first 3-4 weeks, customers can use it for free following which the subscription stands at Rs 2000 plus taxes per year. It offers other plans as well, ranging from half-yearly subscriptions to five yearly subscriptions priced between Rs 1,200 to Rs 5,000.

When asked about future plans, Agarwal said they are planning to go international and serve other similar markets where small businesses contribute a majority to the economy. “Our next phase will be entering other Asian countries. We are planning to go live in the neighboring countries- Pakistan, Bangladesh, Sri Lanka and Indonesia by December end,” he said.
GIM Books has made it to the list of startup accelerator programme Y Combinator’s winter batch of 2021.