Coronavirus Impact on Banks ‐ The Top Ten List

Read the blog by Mr. Sanjiv Anand, Chairman, IBS Intelligence.

The Black Swan Opportunity |Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

March 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Indian FinTech Khatabook raises $25 million from Tencent, DST Global, others Partners of DST 

Ravish Naresh, Founder, Khatabook

Khatabook, a mobile-based SaaS product enabling SMEs to record and track business transactions, has raised $25 million in Series A from GGV Capital, Partners of DST Global, RTP Ventures, Sequoia India, Tencent, Y Combinator and others. With this, Khatabook has raised around $29 million since its inception in December 2018.

The round also saw participation from more than 20 prominent angel investors including Amrish Rau, Anand Chandrasekharan, Deep Nishar, Gokul Rajaram, Jitendra Gupta, Kunal Bahl, Kunal Shah and others.  

Khatabook helps traditional businesses automate their ledger process. Within a year, the app has got five million Indian merchants onboard who have saved over 600 productive working hours in a year. 

The app is growing by 20% every week, with over 500 types of business – from neighbourhood stores to garment dealers using the app. It aims to reach 25 million Indian merchants in the next 12 months, the company said in a statement. 

Khatabook’s UPI based payment platform is more than doubling month on month. The team plans to launch other products for MSMEs in the next few months.

Ravish Naresh, CEO, and Co-Founder, Khatabook said, “India is at an inflexion point with dramatically low data costs leading to strong adoption of smartphones, especially amongst its millions of merchants. We have taken early but significant steps towards leveraging this trend to digitise 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 enable the growth of what is still a largely untapped sector.”  Prior to Khatabook, Naresh had co-founded 

Khatabook, which recorded a whopping $3 billion transactions in August alone, effectively cuts down the receivables of merchants to half within a few weeks of onboarding them. The app has helped its users recover approximately $ 5 billion stuck in credit in six months.

 “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,” said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore. 

Khatabook, which operates in 11 languages, has on-boarded over 2.9 million active businesses and 5 million registered users across 3000 Indian cities. The app has also organically acquired users in Nepal, Pakistan and Bangladesh.

“We are excited to partner with Ravish, the founding team of Khatabook. As a global investor, we seek out founders who understand the local market and respond to growth opportunities with speed and agility – we certainly see this with the Khatabook team,” said Hans Tung, Managing Partner, GGV Capital.

Related Posts