KhataBook, an Indian fintech startup offering a variety of digital services fundamentally to MSMEs, has secured US$ 100 million in a Series C funding round led by Tribe Capital and Moore Strategic Ventures (MSV) on 23 August 2021.
Investors: The latest investment round featured Tribe Capital and Moore Strategic Ventures as the lead investors with participation from Alkeon Capital, B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital and many other independent investors. In addition, the startup also declared buying back US$ 10 million worth ESOPs.
Purpose of the funding: The startup intends to deploy the proceeds from the investment round towards disbursing financial services with the help of its software ecosystem, speeding the recruiting process to support its engineering, designing, analytics, product and data science potentiality.
Established in 2018 by Ashish Sonone, Dhanesh Kumar, Jaideep Poonia, Ravish Naresh, Khatabook empowers MSMEs by giving them access to digital instruments essential for bolstering their businesses. Employing a digital-first tactic while prioritizing the requirements of the Indian merchants has aided Khatabook in serving 40 million registered merchants across 12 languages. Possessing the momentum, Khatabook is well-placed to emerge as a robust distribution interface for other products and services customized according to Indian merchant’s needs. Apart from the firm’s primary service, which is a ledger application, the startup concentrates on the further development of its software ecosystem for MSMEs with support from its supplementary applications.
What the Founder has to say: “Our first phase of growth journey focused on digital transformation by structuring a tech platform for Indian MSMEs. With its completion, our next target is to offer digitally-enabled financial offerings to small enterprises. We are elated by our investors’ faith in our goal to assist local enterprises to grow by empowering them through the right digital products.”- Ravish Naresh, CEO and Co-Founder of Khatabook.
What the Investors have to say: “We have strong confidence in the huge potential of network effect and its efficacy in building moats for enterprises. Khatabook has successfully framed such a system by encouraging this profound shift across MSME enterprises to advance from paper to digital. It is exhilarating to join hands with Khatabook and support them in their growth journey as it executes its network to the full potential to create extra scale.”– Arjun Sethi, Co-Founder and Partner at Tribe Capital.
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