FinTech start-up Khatabook acquires Biz Analyst for $10 mn
By Leandra Monteiro
FinTech start-up Khatabook has acquired Biz Analyst, a SaaS business management application, in a deal worth $10 million as a mix of cash and equity. Through this move, Khatabook users can now easily avail additional features to improve their efficiency through business analytics, sales force automation and digital invoicing.
Backed by investors such as Facebook co-founder Eduardo Saverin, Cred’s Kunal Shah, and Snapdeal co-founders Kunal Bahl and Rohit Bansal, this acquisition is a part of Khatabook’s monetisation and growth plans.
According to media reports, Ravish Naresh, CEO and Co-founder, Khatabook said, “This deal is our first strategic acquisition as we intensify our network effects, up the supply chain and focus on monetisation. The features and strengths that Biz Analyst offers are the perfect extension to our present business portfolio.”
“We will continue to be on the lookout for good software companies which will add value to our MSME ecosystem,” he added.
With this acquisition, the FinTech plans to leapfrog into the next phase of growth and offer its customer base of over 10 million monthly active merchants an opportunity to scale up their businesses by utilising premium value-added services.
Biz Analyst which was launched in late 2016, is a cash flow positive business providing solutions to SMEs using Tally accounting software to automate daily business operations and make data-driven decisions to manage sales, inventory, outstandings and productivity. According to the company it has a current user base of 80,000 paid users. Biz Analyst as a part of Khatabook aims to double it this year.
Making use of Khatabook’s core strength, Biz Analyst’s tech solutions will possibly reach a widespread and massive network of MSMEs covering almost every district in India. The tech and product development efforts will be scaled up while streamlining hiring and talent development under the Khatabook structure.
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