Khatabook Co-founder and CEO Ravish Naresh said the arrangement is “our first strategic acquisition,” reported VCCircle.
Mehul Sutariya and Vaibhav Vasa established Biz Analyst in 2016. The company harnesses its Tally accounting platform to assist small- to medium-sized businesses (SMBs) with digitizing their everyday tasks and arriving at decisions powered by data when it comes to productivity, inventory and revenues.
Naresh, Ashish Sonone, Jaideep Poonia and Dhanesh Kumar established Khatabook in 2018. The company’s signature program lets SMB retailers register and monitor corporate transactions. Moreover, Khatabook has rolled out salary management software program Pagarkhata and MyStore, which is geared toward digital commerce.
Khatabook also notched $60 million in funding in May 2020 in a B Capital-led Series B round. Rocketship.vc, Hummingbird Ventures and RTP Global were among some of the other participants.
In India, online payments are on the rise, online lending will make inroads and financial technology firms will garner market share — and it is all worth watching with an eye toward security and data privacy, according to the central bank.
Reserve Bank of India (RBI) Governor Shaktikanta Das signaled that financial technology firms will have an expanding foothold within traditional and nontraditional parts of the financial services markets inside of the nation.
“FinTech is expected to challenge the financial sector with innovations and its exponential growth. Harnessing FinTech for customer services will effectively control costs and expand the banking and nonbanking businesses,” the governor said at an event on Thursday (March 25), according to a published report.
“Digital players would increasingly emerge as critical pieces across all segments,” the governor said, as per the report.
As reported in the past, Paytm has attained a monthly pace of over one billion transactions. Moreover, the Unified Payments Interface (UPI) has posted a monthly tally of over two billion transactions.