How Khatabook is digitally empowering the MSMEs of India?

Entrepreneurship
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In conversation with Ravish Naresh, CEO & Founder of Khatabook

Khatabook is a digital ledger and financial management platform. It, is known for building utility solutions for the nation’s 6.3 crore-strong MSME sector. Their first offering was an Android App enabling businesses to digitally record the credit they extend to customers. It went viral and so far Khatabook has been downloaded over 4 Crore+ times.

Founded in October 2018, Khatabook is the world’s fastest-growing Saas company. It has become India’s leading business management app for MSMEs with 50M+ downloads in a remarkably short period of time. As more businesses are adopting digital for business than ever before, Khatabook’s goal can be summed up simply – Empowering merchants by simplifying their business.

MSMEs play a crucial role in the Indian economy. Khatabook gives this ecosystem the digital tools they need to support their businesses, empowering micro, small and medium enterprises at a critical time – as the country undergoes a major digital transformation amidst COVID-19.

A lot of these MSMEs work on credit (or as they call it “udhari” in India) and it is cumbersome to maintain records of all loans given and taken. The ease of maintaining digital records and being efficient is what drives the user to the platform. Thereby, helping to grow the eco-system software of the MSMEs. The company currently provides digital tools to kiranas and MSMEs to grow efficiently and recover their dues. It also includes a staff and salary management platform called Pagarkhata, and its flagship book-keeping app and digital online storefront for kiranas, namely MyStore.

Using a digital-first approach while keeping the needs of the merchants of India at the centre of product design, has helped Khatabook reach 4 Crore registered merchants across 12 languages in less than a year. With this momentum, Khatabook is definitely going to become a strong distribution platform for other services and products tailored to India’s merchants.

With 200+ members, the team is working round the clock to make our users’ experience better. They are the best fit for professionals who are dedicated to learning and growing together. They take pride in focusing on the merchants of Bharat.

From the product perspective, the marketing done by Khatabook was right and reached its end user. The app being launched in multiple local languages ensured stickiness. Khatabook wants to improve the financial eco-system, help in loan reimbursement etc. It helps small businesses identify their core customers and make the business more profitable.

Features –

  1. One app for multiple businesses with all transactions and customer details
  2. Automatic Payment Reminders – One can send payment reminders to the customers in any language
  3. Easy to have multiple account books using the same app and number
  4. One can have their own business card, irrespective of the size and nature of the business
  5. Set up your own QR code for easy transactions
  6. Lock your Khatabook with a dedicated App lock provided in the app to keep your data safe and secure

Khatabook, has been fortunate enough to receive a series of funding. In August 2021, it received series C funding of $100 million led by US-based venture capital firms Tribe Capital and Moore Strategic Ventures. It was lucky to have received the Series B funding in May,2020 amidst the peak of the corona virus pandemic. In 2.5 years, they have launched multiple solutions. By scaling up the team and finding the right people with right skill set, Khatabook is unstoppable.

Most of the International apps are now being launched in India. One should be relevant to the community at large. The customer is the guru and your solution to be customer centric.


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