Khatabook, a digital ledger app that helps micro, small and medium-sized businesses track business transactions, has closed a ₹454 crore ($60 Million) Series B round of funding led by B Capital Group.
The latest funding will allow Khatabook to ramp up its products and services for Indian merchants. Last year, the startup secured $25 million in Series A funding from Partners of DST Global, GGV Capital, Sequoia India, Tencent, and others. In March this year, former India Cricket captain, Mahendra Singh Dhoni, invested an undisclosed amount in the company.
The main users of Khatabook include the ubiquitous Kirana stores, which are currently being targeted by a number of technology players because to the huge potential in the hyperlocal business.
The Bengaluru-based startup gives these Kirana ecosystem the digital tools they need to support their businesses.
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 participated in the latest funding round. Prominent angel investors including Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal also participated.
"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. We are looking to work closely with the government and financial institutions to strengthen Indian MSMEs", said Ravish Naresh, co-founder and CEO of Khatabook.
In less than a year, over 8 million active merchants are using this digital ledger in 11 different languages, Khatabook claims.