PHD Chamber Urges Government For Amendment In Definition Of Micro, Small and Medium Enterprises (MSMEs) To Rejuvenate Economic Growth
Khatabook, which provides solutions to help micro, small and medium-sized businesses track business transactions, on Wednesday said it has raised USD 60 million (over 454 crore) in funding led by B Capital Group.
The series-B round also saw participation from new and existing investors, including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures, a statement said.
Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal (Snapdeal founders) also participated, it added.
The latest funding will allow Khatabook to ramp up their products and services offerings for India's merchants, as the company builds technology solutions around financial services and a large merchant-focused distribution platform, the statement said.
Traditionally, Indian MSMEs keep track of credit flow with their consumers and suppliers offline, maintaining handwritten accounts. Merchants spend hours tracking dues and lose significant revenue due to misplaced ledgers or missed collections.
Khatabook said it is helping merchants manage their credit, creating transparency in cash flow, and increasing trust with end-consumers.
"Khatabook is the biggest player in the micro, small and medium business segment in the country, with over 8 million active merchants on the app. Khatabook is playing an important role in the digitisation of MSMEs -- a sector that forms the backbone of our economy -- helping to increase their incomes and making them more efficient and competitive," Khatabook co-founder and CEO Ravish Naresh said.
The company is looking to work closely with the government and financial institutions to strengthen Indian MSMEs, he added.
The company said more than one million merchants are uploading data and engaging with the Khatabook app daily while adding USD 200 million worth of transactions every day. More than 25 per cent of its total active merchants are joining the platform through word-of-mouth and referrals, it added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)