Legally registered as ADJ Utilities Apps Private Limited, the company was founded by Ravish Naresh, Jaideep Poonia, Ashish Sonone, and Dhanesh Kumar.
It is one of 17 startups from the first group of Surge, program scale-up of rapid Sequoia India for early stage startups in India and Southeast Asia.
Y Combinator and Info Edge also investors in Khatabook.
Khatabook and applications that impact Indian SMEs to become the system of record for their business affairs, the equivalent of a business book on their mobile phones, said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore.
Businesses can manage their credit accounts in the app, where transactions are recorded and available for review.
Stock company’s mobile application service WhatsApp and SMS reminders to users when the money was due to be paid or collected. The application also provides support in the local language. It helps businesses understand and make better decisions with the resulting report. This application also backs up all online transactions automatically, so that traders do not have to worry if they lose their smartphone.
Data is now cheaper in India and the increasing use of smartphones.
However, a large number of small businesses prefer the record business transactions in the books. Most of them still rely on old practices such as making a bill on paper.
They have not really digitize their bookkeeping process. KhataBook, an application with ADJ Utilities Apps Private Limited, aims to capitalize on the trend of increased use of smartphones in the merchant by being the first business accounting software they already use.
Khatabook said the application has been helping users recover approximately $ 5 billion credit stuck in within six months. This trend could lead to a significant impact on the Indian SME sector.
In August 2019, KhataBook recorded more than $ 3 billion in transactions on the platform. This, the team added, has reduced receivables from merchants to half within a few weeks, namely their orientation. It claims to have helped more than five million merchants to store more than 600 hours of work in one year, respectively. Its UPI-based payment platform has also doubled in the months.
Khatabook has expanded trail across 3,000 cities in India. In 2019, the startup raised $ 25 million in Series A funding from DST Global Partner, GGV Capital, Sequoia India, Tencent, and others. leading investors such as Kunal Shah, Founder, credibility; Kunal Bahl, Co-founder, Snapdeal; Jitendra Gupta, Head – LazyPay; and Anand Chandrasekharan, former Facebook; among others who participated in this financing round.
KhataBook say it is growing 20 percent every week and have use cases with more than 500 types of businesses. The team plans to launch other products for SMEs in a few months and the next goal to reach more than 25 million merchant India in the next 12 months. other nuisance in the market including OkCredit, started by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad, and Vyapar, initiated by Sumit Agarwal.
Khatabook, Bangalore, Karnataka, India. Phone +91-9606800800 https://khatabook.com