Khatabook’s Series C was led by Tribe Capital and Moore Strategic Ventures. Here are the top-line bullets you need to know.
Khatabook, a fintech company specializing in digital bookkeeping and credit collection, has raised $100M in a Series C. The round drew participation from Tribe Capital, Tencent Holdings, Unilever Ventures, Moore Strategic Ventures, and Sequoia Capital India, among others.
HOW’S THE COMPANY PERFORMING?
- Bangalore-based Khatabook provides digital bookkeeping services, primarily to MSMEs. The company’s products include its flagship Khatabook, Biz Analyst, Pagarkhata, and Cashbook.
- The company has a monthly active user base of 10M accounts. It has over 40M registered Indian merchants that manage over 264M customers on its platform.
- Khatabook caters to 95% of districts and 4,000+ cities in India through its app.
- The company, which reported a $17.1M loss in 2020, is currently backed by a team of over 200 employees.
WHY DOES THE MARKET MATTER?
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- The market is witnessing a boom in the adoption of online banking, cloud-based accounting, and tax compliance software by small businesses and entrepreneurs due to the fact that they are cost-effective and convenient.
- Increasing demand for the automation of financial management processes alongside a growing focus on scaling computation is driving industry growth.
- India has a growing MSME sector.