Fintech firm Khatabook said it has achieved a milestone of over Rs 1.8 trillion monthly recorded transactions across its platform – Khatabook, Cashbook, and BizAnalyst. Founded in January 2019, Khatabook claims it has 10 million monthly active merchant users, managing more than 344 million customers on its platforms. Khatabook is India’s fastest growing SaaS (software-as-a-service) company that enables micro, small and medium businesses to increase efficiency and profitability through safe and secure digital solutions.
“(The year) 2021 has been a crucial year in Khatabook’s journey. Besides our continued growth momentum, we made several important long-term strategic decisions for business and building our talent base,” said Ravish Naresh, CEO, and co-founder, Khatabook. “This milestone showcases our commitment to the empowerment of MSMEs in India. 2022 is going to be an exciting year for the MSME ecosystem.”
Amid the growing demand for technology solutions by Indian MSMEs (micro, small and medium enterprises), Khatabook has experienced exponential growth in its 3-year journey. In the past 3 years, the Khatabook platform has penetrated the grassroots of India and has a user base spread across nearly every district in the country. Khatabook is available in 13 regional languages and close to 25 per cent of users on Khatabook are using the app in their preferred regional language. Significant growth in user base, over 50 per cent month-on-month on Khatabook platform, remains organic, indicating the trust in the brand and Indian MSMEs strong inclination towards digital adoption. Maharashtra, Rajasthan, Delhi, Uttar Pradesh and Gujarat were the top 5 user base growth states for Khatabook in 2021.
Acquired in March 2021, Biz Analyst by Khatabook has touched over 100,000 paying customers in 2021. Biz Analyst is uniquely positioned to provide end-to-end real-time business intelligence and decision-making capabilities to SMEs, including business insights based on the app’s integration with tally software of SMEs.
Cashbook by Khatabook, an expense management tool, has crossed over 1.8 million installs in 2021. Available in 15 languages, Cashbook is an exclusive android app for those who want to leverage only the expense management functionality. Cashbook is also available as a feature within the Khatabook app.
Last year, Khatabook, closed a $100 million Series C funding round, with a valuation close to $600 million. It also executed its first ESOP (employee stock ownership plan) buyback of $10 million, reached the organisation size of over 320 employees. To effectively support MSMEs, Khatabook made strides with its product offerings in 2021 by acquiring Biz Analyst, launching an exclusive Cashbook app, introducing Automated bot call reminders, the first-ever IVR tech exclusively designed for Indian MSMEs. For 2022, the focus for the startup will be financial service disbursement through its tech platforms while it continues strengthening its overall tech offerings portfolio for MSMEs.