QueueBuster, a mobile-based POS application, has raised Rs 63.3 crore (about $8.16 million) in a Series A 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.
The company will use the funds to focus on merchant growth, product enhancements and scaling of its distribution network.
“Merchants in today’s time are overwhelmed by a plethora of standalone 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. 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, 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 programmes 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. 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 its platform across multiple industries ranging from neighbourhood kirana stores to enterprises like HUL, Tata & ITC. They processed over 1.1 million invoices worth over Rs 130 crore in May 2022 alone. So far, they have recorded more than 12 million invoices worth over Rs 1,000 crore on their app since January 2021.
“The QueueBuster team has over eight years of experience in the Android PoS industry. It has developed a very comprehensive solution for MSMEs in terms of features, user experience and cost-effectiveness. Its resolve to provide the best after-sales support to the MSMEs will be a cornerstone to succeed in the MSME market”, TCM Sundaram, Founder & 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 digitising world, QueueBuster is helping these small merchants digitise business critical processes thereby increasing the efficiency of their day to day operations.” Amol Warange, Director, Omidyar Network India.