India-based bookkeeping platform developer Khatabook has secured $25m in a series A round that included internet group Tencent, TechCrunch reported yesterday.
Venture capital firms GGV Capital, RTP Global and Sequoia India also participated in the round, as did accelerator operator Y Combinator, partners of investment firm DST Global and assorted individual investors.
Khatabook has created an app that helps businesses manage their financial accounts, process payments, securely maintain and back up records and generate reports. It also sends text messages issuing reminders to parties who owe them money.
Ravish Naresh, Khatabook’s co-founder and chief executive, said: “At Khatabook, we have taken early but significant steps towards leveraging this trend to digitise India’s shopkeepers.
“For most of our merchants, we are the first business software they have used in their entire life. And we will continue to build more India-first innovations to further enable the growth of what is still a largely untapped sector.”
The company was one of the first 17 entrants to Sequoia India’s Surge accelerator in April this year, picking up a $1.5m investment in the process that likely made up the firm’s contribution to the series A round.
