Bengaluru based, KhataBook, an app which benefits small and medium enterprises (SMEs) to record and keep track of business transactions digitally, successfully raised $24 Million in Series A funding round from RTP Partners, Tencent, GGV Capital, partners of DST Global, Sequoia India, Y Combinator and many more. Yet now the start-up has been able to raise $29 Million for its operations.
There are still numerous businessmen who make use of long notebooks to keep a log of their financial transactions. That’s where this start-up comes into the picture by providing the medium to digitalize the business bookkeeping and accept online payments. With all this funding, the company plans to make use of it by scaling up the technology team and also developing new products.
Investors including Jitendra Gupta, Head of LazyPay; Kunal Bahl, Co-founder of Snapdeal; Kunal Shah, Founder of Cred and Anand Chandrasekharan, ex-Facebook, among others also participated in this round of funding.
The initiative of KhataBook was developed by Vaibhav Kalpe and the company in the year of 2018 was acquired by Kyte Technologies which was founded by Ashish Sonone, Dhanesh Kumar, Naresh and Jaideep Poonia.
The app is accessible in 11 different languages and can also be used by users in Nepal, Pakistan and Bangladesh. The Khatabook squad plans to launch other products for micro small and medium enterprises in the coming months, affording to the press statement. In the month of August, the company claimed to have successfully recorded over $3 million worth transactions via its platform.
Shailendra Singh, Managing Director, Sequoia Capital (India), on the investment deal mentioned that KhataBook has left a huge impact on Indian SME’s with the medium of efficient digital business dealings. The Sequoia team is thrilled to work with the team that is facing such exponential growth.
The CEO and the Co-founder of KhataBook, ravish mentioned that with the use of such big investments the company will continue to develop more India-first innovations to extend the growth of the largely untapped sector.
In a press statement, Hans Tung, Managing Partner of GGV Capital mentioned that as global investors, they always seek out for initiatives which understand the local market and respond effectively to the growth opportunities with alertness and speed. That’s why they are excited to pair up KhataBook which works with the exact zeal which is required in order to be the best in the field.