Khatabook Bags $60 Million To Help Merchants Digitize Bookkeeping
The Series-B round, which according to sources values Khatabook at between $275 million and $300 million, has also seen participation from a clutch of existing institutional investors, including Sequoia Capital, and Partners of DST Global, Tencent, GGV Capital and RTP Global, along with a number of prominent angel investors.
The company plans to deploy the fresh capital in building financial services products. Khatabook competes with the likes of OkCredit and Paytm’s Business Khata, allowing small and medium enterprises to record financial transactions, while also sending reminders to their creditors via text and instant messaging platforms, reducing the need to maintain account books in physical form. Khatabook claims to have reached over 8 million active merchants across 11 languages in less than a year.
Khatabook was founded in 2018 by four IIT Bombay alums, Ravish Naresh, who was also a co-founder and former chief operating officer at realty portal Housing.com, Jaideep Poonia, Dhanesh Kumar and Ashish Sonone. It last raised $25 million in a Series A funding round from GGV Capital, Tencent, Sequoia Capital, along with a clutch of top angel investors, in October 2019.