IBEF: May 21, 2020
A digital ledger app, Khatabook that helps micro, small and medium-sized businesses track business transactions, has closed a Rs 454 crore (US$ 60 Million) Series B round of funding led by B Capital Group.
The company plans to utilise these latest funds to ramp up its products and services for Indian merchants. In 2019, the start-up secured US$ 25 million in Series A funding from Partners of DST Global, GGV Capital, Sequoia India, Tencent, and others. In March 2020, former India Cricket captain, Mr Mahendra Singh Dhoni, also invested an undisclosed amount in the company.
The major users of Khatabook consist of the ubiquitous Kirana stores, which are currently being targeted by several technology players because to the huge potential in the hyperlocal business.
The start-up is based in Bengaluru and provides digital tools to Kirana ecosystem that are required to support their businesses.
The latest round saw participation from new and existing investors including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures. Other prominent angel investors including Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal also participated.
"Khatabook is the biggest player in the micro, small and medium business segment in the country, with over 8 Million active merchants on the app. We are looking to work closely with the government and financial institutions to strengthen Indian MSMEs", said Mr Ravish Naresh, co-founder and CEO of Khatabook.
According to the company’s data, it has over 8 million active merchants which using this digital ledger in 11 different languages in less than a year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.