The Bangalore based FinTech Startup “Khatabook raised Rs 454 crores in series B round from B- Capital group.
The new and existing investors including Sequoia India, DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocket ship.vc, and Unilever Ventures. The Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl, and Rohit Bansal also participated.
The company raised $25Million in Series A funding from DST Global, GGV Capital, Sequoia India, Tencent, and Others.
Khatabook raises ₹454 crores:
Last year, the former Indian cricket captain” Mahendra Singh Dhoni” invested in Khatabook for an undisclosed amount.
Khatabook (Official Site) is an Android-based application for tracking business transactions of Micro, Small and Medium Enterprises in India. This App has $8million users in 11 different languages.
Ravish Naresh, the co-founder and CEO of Khatabook said that “this application plays a vital role in the digitalization of MSMEs in the country as they are the backbone of our economy by helping them in increasing their incomes”. Further he also said that “they are working closely with the government officials and financial institutions to strengthen the Indian MSME’s”.
More News: Startup Unfold
Earlier, people used to follow the offline processes to track the credit flow of customers, suppliers and maintaining handwritten books with separate accounts on each page where there are chances to lose income if they are misplaced. So, this App will help them to maintain ledgers and transactions in a safe and easy manner. As per the recent data available, 1million merchants are uploading data into the Khatabook application with $200million worth of transactions every day.
The “B- Capital” invested in Khatabook which enables $60million merchants to go digital. The Kabir Narang, B Capital Group General Partner and Co-Head of Asia said that they are impressed about the product as it enables the many of the MSME’s to transform into digital.