Digital ledger app Khatabook has acquired Biz Analyst for $10 million in a mix of cash and stock.
With this deal, the fintech firm aims to leapfrog into the next phase of growth and offer its customer base of over 10 Mn Monthly Active Merchants an opportunity to scale up their businesses by utilizing premium value-added services.
Launched in late 2016, Biz Analyst is a cash flow positive business providing solutions to SMEs using Tally accounting software to automate daily business operations and make data-driven decisions to manage sales, inventory, outstandings, and productivity.
The company has achieved consistent growth and currently has over 80,000 paid users. Biz Analyst, now as a part of Khatabook, aims to double the user base in 2021 and create bigger opportunities for the network of its 1000+ channel partners.
The co-founding team of Biz Analyst Vaibhav Vasa, Mehul Sutariya, and Nilesh Zaveri will now be a part of Khatabook’s leadership team focusing on the growth of Biz Analyst.
“This deal brings together companies that are passionate about the success of small businesses. Joining forces with Biz Analyst will intensify our network effects up the supply chain and focus,” the firm said in a statement.
Biz Analyst is the flagship product of Siliconveins Private Limited, a Mumbai based start-up.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.