Khatabook, which makes accounting and business record keeping simple for small merchants and entrepreneurs, has secured $60 million in a Series B round led by B Capital. Following this investment, the company has been valued at around $250-300 million.
The round also saw the participation of RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rohit Bahl, Rocketship.vc, and Unilever Ventures including existing investors — Sequoia India, DST Global Partners, Tencent, GGV Capital, Kunal Bahl, and Kunal Shah.
The fresh capital for Khatabook has come within eight months after it raked in a $25 million Series A round of funding from GGV Capital, Sequoia India, and others in October last year.
The latest capital infusion brings the Bengaluru-based startup’s total funding to $87 million.
According to a TechCrunch report, Khatabook will deploy this new capital towards expanding the size of its technology team and building more products.
Launched in 2018 by Ravish Naresh, Jaideep Poonia, Dhanesh Kumar and Ashish Sonone, Khatabook is a cash management tool, specially designed for tier II, tier III and beyond, used by 500 different types of businesses. The services it provides to businesses comprise of data storage, data tracking, report & analytics, and remark writing facility.
A part of the accelerator program Sequoia Surge 1.0 cohort, Khatabook claims to add $200 million worth of transactions daily and it has more than 8 million active merchants from over 700 districts in India.
Available in more than 11 local languages, Khatabook attributes the hypergrowth to word-of-mouth marketing amongst the merchant communities. It competes directly with OkCredit and Vypaar while Paytm, PhonePe, and BharatPe have also launched a similar feature for merchants.