Khatabook raises 100 million USD in Series C funding round
By Leandra Monteiro
FinTech start-up Khatabook recently announced that it has closed a $100 million Series C funding round, with a valuation now close to $600 million. The round was led by US-based VC firms Tribe Capital and Moore Strategic Ventures (MSV). Other investors in this oversubscribed series C round were Alkeon Capital, with continued investment participation from internal investors B Capital Group, Sequoia Capital, Tencent, RTP Global, Unilever Ventures, and Better Capital. In addition, Balaji Srinivasan, Sriram Krishnan participated as independent investors among others in Khatabook’s series C funding round.
Arjun Sethi, Co-Founder and Partner, Tribe Capital said, “Khatabook has successfully built such a network by empowering this seismic shift among MSME businesses to move from paper to digital, literally.”
In two and a half years, the company has become an integral part of the MSME community in almost every district in India. The company currently has a monthly active user base of 10 million and growing. Other than its Flagship Khatabook, it has introduced 3 other solutions for MSMEs.
Going forward Khatabook said it will focus on financial service disbursement through its technology platforms. The financial services on the Khatabook platform will digitally foster lending, payment, and deposits related efficiencies in the MSME space.
Furthermore, to mark this milestone, Khatabook announced a buyback of 10Mn USD worth of ESOPs to acknowledge and reward employees, ex-employees, and early investors who showed faith in the company’s mission and contributed to the company’s unprecedented growth. Eligible employees will be able to sell as much as 30% of their vested options. Khatabook has also expanded its ESOP pool to USD 50Mn.
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