Bangalore based Khatabook, a mobile app platform that allows the SMEs of the country to keep the transaction records has confirmed bagging $25 million Series A funding. The fresh funds are being infused by big names like GGV Capital, Partners of DST Global, RTP Global, Sequoia India, Tencent, and Y Combinator.
Notably, more than 20 angel investors that include names like Amrish Rau, Anand Chandrasekharan, Deep Nishar, Gokul Rajaram, Jitendra Gupta, Kunal Bahl, and Kunal Shah also made their contribution in the round. Prior to this round, Khatabook had secured $1.5 million in seed round financing from Sequoia Capital India.
Launched in 2018 by Ravish Naresh, the platform helps micro, small and medium-sized companies keep the business transaction details digitally. The firm claims to have more than 5 million merchants using the mobile app of the firm in more than 3,000 cities across the country. Available in 11 Indian languages, the company has a presence in Nepal, Bangladesh, and Pakistan as well.
Ravish Naresh, CEO, and Co-founder, KhataBook talking about the funding said, “With this round of funding, we are looking to scale our tech team, build more products that can help SMEs manage their business, and focus strongly on security and other essential apps."
“India is at an inflection point with dramatically low data costs leading to strong adoption of smartphones, especially among its millions of merchants. At Khatabook, we have taken early but significant steps towards leveraging this trend to digitize India’s shopkeepers. For most of our merchants, we are the first business software they’ve used in their entire life. And we will continue to build more India-first innovations to further enable the growth of what is still a largely untapped sector, the CEO of the firm further added to his statement.
Sequoia Capital India MD Shailendra Singh, commenting on the capital infusion said, “KhataBook is having a huge impact on millions of Indian SME’s by becoming the system of record for their business dealings, the equivalent of a business ledger on their mobile phones. In most cases, it’s their first mobile SaaS product and could well be their gateway to using other mobile applications. For example, mobile payments are now growing on KhataBook at a very rapid pace. Sequoia India couldn’t be more thrilled with the exponential growth the company has experienced since joining our Surge program. The team is thrilled to double down on the investment in KhataBook and excited to support Ravish and the team on their journey.”
Image Courtesy : Khatabook