Khatabook, the fintech start off-up which gives digital ledger app for smaller companies, has raised a fresh $one hundred million in funding led by Tribe Capital and Moore Strategic Ventures at a valuation of almost $600 million. The investment, which is component of the company’s series C economic round, has also been backed by a clutch of other investors, which includes Alkeon Capital, B Capital Group, Sequoia Capital, Tencent, RTP Global, Unilever Ventures and Better Capital.
Angel investor and entrepreneur Balaji Srinivasan and start off-up investor Sriram Krishnan participated as independent investors in the round, the corporation stated in a statement on Tuesday.
The firm stated that it is obtaining back $10 million worth of ESOPs to acknowledge and reward workers, ex-workers and early investors who contributed to the start off-up’s development. Eligible workers will be in a position to sell as a great deal as 30% of their vested choices. Khatabook has also expanded its ESOP pool to $50 million.
Founded in January 2019, the start off-up builds tech options for smaller and medium companies. Its flagship Khatabook app enables companies to digitally record the credit they extend to buyers. To digitise finish-to-finish organization processes for MSMEs, the corporation also launched Pagarkhata, a employees and salary management platform. Khatabook is offered in 13 languages and claims to have more than 10 million month-to-month active customers across platforms. The firm stated that its footprint reaches in virtually each and every Indian district.
The fresh capital will be used to create a bouquet of economic services in addition to expanding its talent base. The corporation that at the moment employs more than 200 employees will accelerate hiring, particularly in the engineering, item, design and style, analytics and information science functions. “The first phase of our journey was enabling digital transformation by building a tech ecosystem for Indian MSMEs. Now that we have created a widely accepted digital platform, the next step will be digitally-enabled financial services for small businesses,” stated CEO & co-founder Ravish Naresh.
The economic services on the Khatabook platform will digitally foster lending, payment and deposits-connected efficiencies in the ecosystem, the firm stated.
As more MSMEs opted for technologies options, Khatabook skilled 150% y-o-y development in FY21, the corporation claimed.