India-based Khatabook, a fintech startup that provides a digital ledger app targeted at small businesses has acquired the Indian SaaS startup Biz Analyst.
Terms of Deal: The deal is valued at US$ 10 million. The transaction will be a mix of cash and equity. This acquisition will help Khatabook to create a closer integration with Biz Analyst’s upstream supply chains – distributors, wholesalers, traders and suppliers.
About Khatabook
Founded in 2018 by Ashish Sonone, Dhanesh Kumar, Jaideep Poonia, Ravish Naresh and Vaibhav Kalpe, Khatabook is a leading SaaS company that enables micro, small and medium businesses to increase their efficiency and reduce costs. It provides safe and secure financial solutions to businesses. Khatabook was also awarded the “Best Innovative Mobile App” 2020 at the India Digital Awards in February 2020. The app is available in more than 11 languages and claims to have more than 20 million registered users.
With the help of Biz Analyst, Khatabook aims to provide premium value-added services to its customers. It claims to have processed over 1.4 billion transactions with a cumulative value of more than US$ 100 billion. The company’s mission is – “Empowering merchants by simplifying their business”.
“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. The acquisition is a step forward for Khatabook in its mission to provide business efficiency to India’s MSMEs through value-added services.” — Ravish Naresh, CEO and Co-founder of Khatabook.
About Biz Analyst
Founded in 2016 by Mehul Sutaria and Vaibhav Vasa, Biz Analyst is a mobile application that syncs with Tally ERP 9, giving its users access to business data from TALLY ERP 9 software even in Tally offline. Biz Analyst is compatible with both iPhone and Android. The app aims to automate daily business operations and make data-driven decisions to manage day-to-day business operations like sales, inventory and productivity.
Biz Analyst claims to have a paid user base of 80,000. With this acquisition, the startup aims to double its customer size. The Biz Analyst team will continue to run independently in Mumbai while building and maintaining synergies with the Khatabook headquarter in Bangalore.
“Together, we look forward to expanding the digital adoption by SMEs through our affordable SAAS solutions and connecting businesses across different verticals onto a single platform.” — Vaibhav Vasa and Mehul Sutariya, co-founders of Biz Analyst.
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