Khatabook, a Bengaluru-based utility options supplier which helps micro, small, and medium-sized companies observe enterprise transactions, has closed a $60 million Collection B spherical of funding led by B Capital Group.
The spherical additionally noticed participation from new and current traders together with Sequoia India, Companions of DST World, Tencent, GGV, RTP World, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures. Angel traders Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl, and Rohit Bansal additionally participated.
In a press release, Khatabook stated the most recent funding will enable it to ramp up its services choices to Indian retailers, as the corporate builds know-how options round monetary companies and a big merchant-focussed distribution platform.
Ravish Naresh, Co-founder and CEO, Khatabook, stated,
“Khatabook is the largest participant within the micro, small, and medium enterprise section within the nation, with over eight million lively retailers on the app. It’s taking part in an essential position within the digitisation of MSMEs – a sector that varieties the spine of our economic system – serving to to extend their incomes and making them extra environment friendly and aggressive. We want to work intently with the federal government and monetary establishments to strengthen Indian MSMEs.”
In response to the corporate, historically, Indian MSMEs comply with a fancy offline course of to maintain observe of the credit score movement with their customers and suppliers, sustaining handwritten notebooks with separate accounts on every web page. Retailers spend round three-four hours on a regular basis monitoring dues and lose vital income on account of misplaced ledgers or missed collections, the corporate stated. Khatabook claims that it has been instrumental in serving to retailers handle their credit score, creating transparency in cash movement, and rising belief with finish customers – fixing a vital want for India’s MSMEs.
Multiple million retailers are importing information and fascinating with the Khatabook app each day whereas including $200 million worth of transactions daily. The corporate additionally stated that utilizing a digital-first person acquisition strategy has helped Khatabook attain over eight million lively retailers throughout 11 languages in lower than a yr.
“B Capital is worked up to accomplice with Khatabook, which is enabling 60 million retailers go digital. We now have been monitoring the corporate and are impressed by its product suite as it’s addressing the vital ache factors of retailers throughout credit score monitoring, income leakage and collections. We count on the variety of digitally refined MSMEs to double over the following three to 5 years,” added Kabir Narang, B Capital Group Normal Accomplice and Co-Head of Asia.
In October 2019, Khatabook secured $25 million in Collection A funding from Companions of DST World, GGV Capital, Sequoia India, Tencent, and others. In March this yr, Worldwide cricketer and former India captain, Mahendra Singh Dhoni, additionally made an undisclosed quantity of funding within the firm.
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