Indian digital bookkeeping startup raises US$60 million
The Indian startup Khatabook has secured US$60 million in funding. The company helps small businesses with setting up digital payments and aims at expanding in India.
The Series B round was led by B Capital. A number of both existing and new investors also took part in the round.
Khatabook launched back in 2018 and closed the Series A round in October of 2019. The company has secured US$87 million in funding up to date at a valuation of about US$275 million to US$300 million.
Khatabook is aiming to bring the latest of fintech to Indian vendors. Despite a surge of online commerce in the country, many shops are still offline and rely on the old models of bookkeeping, which are needlessly long and complex.
The company claims to serve over 8 million vendors in more than 700 districts of India use the Khatabook’s tools. The startup is also successfully competing with other fintech platforms in the country, many of which have more funding.