Press Release (cbedit@imaws.org)
QueueBuster, a mobile-based POS application, has raised INR 63.3 crore (USD 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 company will focus on merchant growth, product enhancements and scaling of its distribution network.
QueueBuster, founded in 2016 by a team of second-time entrepreneurs led by Varun Tangri, is a full-stack mobile POS application to manage billing, inventory, khata (daily ledger), online dukaan, customers and loyalty programs all from a single application. The SaaS application is designed for a wide range of businesses from kirana and retail, to restaurants and fashion & apparel, to automobiles and more. QueueBuster runs on all Android devices including the recently introduced Android-based credit/debit card swiping machines.
QueueBuster currently has over 20,000 merchants on-boarded on their platform across multiple industries ranging from neighbourhood kirana stores to enterprises like HUL, Tata & ITC. They processed over 1.1 million invoices worth over INR 130 crores in May 2022 alone. So far, they have recorded more than 12 million invoices worth over INR 1000 crores on their app since January 2021.
“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. 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”, explained Founder and CEO, Varun Tangri.
“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,” said TCM Sundaram, Founder and Vice Chairman, Chiratae Ventures.
“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 digitizing world, QueueBuster is helping these small merchants digitise business critical processes thereby increasing the efficiency of their day to day operations,” said Amol Warange, Director, Omidyar Network India.
“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’s unique tech-driven business solution combines business and back-end operations to address the growing needs of businesses in India. We look forward to working with QueueBuster as it solves the day to day pain points and financial needs of merchants in this important market.”
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