ET was the primary to report on the negotiations between Bengaluruheadquartered Kyte Technologies, which owns and operates Khatabook, and B Capital Group on February 24. The Series-B spherical, which based on sources values Khatabook at between $275 million and $300 million, has additionally seen participation from a clutch of current institutional traders, together with Sequoia Capital, and Partners of DST Global, Tencent, GGV Capital and RTP Global, together with a variety of distinguished angel traders.
“We need to work carefully with the federal government and monetary establishments to strengthen our market management and assist MSMEs enhance their earnings,” Ravish Naresh, CEO, Khatabook, stated.
The firm plans to deploy the contemporary capital in constructing monetary providers merchandise. Khatabook competes with the likes of OkCredit and Paytm’s Business Khata, permitting small and medium enterprises to report monetary transactions, whereas additionally sending reminders to their collectors through textual content and prompt messaging platforms, decreasing the necessity to keep account books in bodily kind. Khatabook claims to have reached over eight million lively retailers throughout 11 languages in lower than a yr.
“We are impressed by its (Khatabook’s) product suite as it is addressing the critical pain points of merchants across credit tracking, revenue leakage and collections. We expect the number of digitally sophisticated MSMEs to double over the next three to five years,” Kabir Narang, basic associate at B Capital Group, stated.