India’s leading ledger app Khatabook raises $60 million in equity round funding led by Facebook co-founder Eduardo Saverin’s B Capital Group & others.
Started in 2018, Khatabook is an android app that helps Small Shopkeepers and Kirana owners manage Credit & Debit transactions using their digital ledger service.
The total funding has raised by the firm is $87 million.
The Series B round values Khatabook at between $275 million and $300 million.
The funding round has also seen participation from existing investors, including Sequoia Capital, Partners of DST Global, Tencent, GGV Capital, and RTP Global, along with a number of prominent angel investors like Kevin Weil, Alexander Will, Cred founder Kunal Shah, and Snapdeal co-founders Kunal Bahl, Rohit Bansal.
Kahatabook will use this funding to build financial services products. The company have over 8 million active merchants across 11 languages in less than a year.
“Started with a vision of transforming India’s small shops, today we are the biggest player in the small business segment digitizitising a sector that forms the backbone of our economy. We are looking to work closely with the government and financial institutions to strengthen our market leadership and help MSMEs increase their income while making them more efficient and competitive,” Ravish Naresh, chief executive of Khatabook, said.
“We are impressed by its (Khatabook’s) product suite as it is addressing the critical pain points of merchants across credit tracking, revenue leakage and collections. We expect the number of digitally sophisticated MSMEs to double over the next three to five years,” Kabir Narang, general partner of Asia at B Capital Group, said.