Khatabook, a solutions provider which helps micro, small and medium-sized businesses track business transactions, has closed a $60 million Series B round of funding led by B Capital Group.
The round also saw participation from 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. Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal also participated.
The latest funding will allow Khatabook to ramp up their products and services offerings for India’s merchants, as the company builds technology solutions around financial services and a large merchant-focused distribution platform.
“Khatabook is playing an important role in the digitization of MSMEs – a sector that forms the backbone of our economy – helping to increase their incomes and making them more efficient and competitive,” said Ravish Naresh, co-founder and CEO of Khatabook.
The app’s popularity is evident as more than 1 million merchants are uploading data and engaging with the Khatabook app daily while adding $200 million worth of transactions every day.
Khatabook has over 8 million active merchants across 11 languages in less than a year.