Surge-backed fintech startup Khatabook recently raised $60million in Series B funding round. The funding round was led by Facebook co-founder Eduardo Saverin’s B Capital. Khatabook helps small businesses record financial transactions digitally and accept payments.
The funding round saw participation from a clutch of new and existing investors including Sequoia India, Partners of DST Global, Tencent, GGV Capital, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures. Angel investors like Facebook’s Kevin Weil, Calm’s Alexander Will, CRED’s Kunal Shah and Snapdeal co-founders Kunal Bahl and Rohit Bansal also participated in the round.
As per a TechCrunch report, the company is now valued at $275 million to $300 million. So far the company has raised $87million in its one-and-a-half year of existence. The company claims to have more than 8 million merchants from over 700 districts using Khatabook.
“We spent most of last year growing our user base,” said Naresh. And that bet has worked for Khatabook, which today competes with Lightspeed -backed OkCredit, Ribbit Capital-backed BharatPe, Walmart’s PhonePe and Paytm, all of which have already raised a lot of money.
According to mobile insight firm AppAnnie, Khatabook had more than 9,10,000 daily active users as of earlier this month, ahead of Paytm’s merchant app, which is used each day by about 5,20,000 users, OkCredit with 3,52,000 users, PhonePe with 2,31,000 users and BharatPe, with some 1,20,000 users.
With the new investment, Khatabook plans to expand the size of its technology team and build more products.
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