Alternative investment funds DMI Sparkle Fund and Unprime Investment Advisors also participated in the round.
According to the company, it will use the funds to focus on merchant development, product enhancement and expansion of its distribution network.
Founded in 2016 by Varun Tangri, Cubster is a full-stack mobile POS application provider that helps businesses manage billing, inventory, daily ledger and customer loyalty programs from a single application.
Application is small
grocery, Retail and restaurant establishments as well as fashion, apparel, automobile stores. QueueBuster runs on all Android devices including the recently introduced Android-based card-based swiping machines.
“With Cubster, merchants can manage their entire business operations with ease. We aim to reach at least one crore merchants by the year 2025.”
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Currently, Cubster claims to have over 20,000 merchants on its platform ranging from neighborhood kirana stores to Ltd., Tata and .
The startup has processed over 1.1 million invoices worth over Rs 130 crore in May 2022. Till date, he has registered over 12 million challans worth over Rs 1000 crore on his app since January 2021.
The startup’s product suite currently competes with the likes of 1K Grocery Market, Trade, Flowbiz, Shopify and Sell.
“Cubster has developed a very comprehensive solution for MSMEs in terms of features, user experience and cost-effectiveness. His resolve to provide best after sales support to MSMEs will be the cornerstone of success in the MSME market.
Sundaram, Founder and Vice President of Chirata Ventures.
Last month, even digital payment solutions provider Innoviti
Raised additional Rs 75 crore ($9.6 million) as part of the second phase of an ongoing funding round led by existing investor Dutch Development Bank FMO.