FinTech Khatabook closed a $100 million funding round led by Tribe Capital and Moore Strategic Ventures that gives the startup a valuation of almost $600 million, according to a Tuesday (Aug. 24) blog post.
The oversubscribed Series C also had participation by Alkeon Capital, Capital Group, Sequoia Capital, Tencent, RTP Global, Unilever Ventures and Better Capital. Balaji Srinivasan and Sriram Krishnan also took part as independent investors, among others, according to the post.
Khatabook Co-founder and CEO Ravish Naresh said in the blog post that the company has become an “integral part” of micro, small and medium enterprises (MSME) in “almost every district in India” over the last 30 months.
He said the company has expanded to a growing 10 million monthly active users (MAU) and also launched three additional products for MSMEs: Biz Analyst, Pagarkhata and Cashbook.
“As we build financial services, we will be looking for the right partnership opportunities to enable the seamless rollout of solutions benefiting the economic aspirations of millions of small businesses,” Naresh said in the post.
Biz Analyst is a software as a service (SaaS) management tool that integrates with Tally ERP9 and brings “value-added on-demand services” for needed data involving sales records, purchase statements, livestock updates, management information system reports and more.
Read more: SMB FinTech Khatabook Purchases Biz Analyst
Pagarkhata enables merchants to digitize everything to do with staffing, including attendance, payroll, payments, time off, and more.
“We have also partnered with Workindia to help MSMEs with efficient hiring through the Pagarkhata platform,” Naresh said.
Cashbook offers a digital solution to cash handling and assists businesses with managing expenses. The feature is part of the Khatabook app but it also operates as an independent Android app that has full functionality.
“Khatabook has successfully built such a network by empowering this seismic shift among MSME businesses to move from paper to digital, literally,” Tribe Capital Co-founder and Partner Arjun Sethi said in the blog post.