India-based accounting and invoicing software developer Khatabook has collected $60m in a series B round that included internet group Tencent and consumer goods conglomerate Unilever, TechCrunch reported yesterday.
Investment firm B Capital Group led the round, which also featured Sequoia India, GGV Capital, RTP Global, Hummingbird Ventures, Better Capital, Falcon Edge Capital, Rocketship VC, unnamed partners of DST Global and assorted individual investors.
Unilever took part through corporate venture capital subsidiary Unilever Ventures. The round valued Khatabook at $275m to $300m, a source told TechCrunch, confirming figures in a report three months ago that suggested the startup was looking to raise as much as $70m.
Khatabook markets an app where small and medium-sized enterprises can digitise their bookkeeping and process card payments, allowing them to move away from handwritten ledgers. It primarily targets merchants such as corner shops.
The company has signed up more than 10 million merchants across more than 10,000 towns and smaller cities in India. The series B funding will drive the recruitment of engineers as it seeks to build additional products.
The round took Khatabook’s total funding to $87m since it was founded in 2018, cricketer MD Dhoni having invested an undisclosed amount in March this year.
Tencent contributed to the company’s $25m series A round in October 2019 together with GGV Capital, RTP Global, Sequoia India, Y Combinator and unnamed partners of DST Global.
