Khatabook raises $100 mn funding in series C
The startup will buyback ESOPs worth $10 mn from employees
image for illustrative purpose
Khatabook has raised $100 million (around Rs740 crore) of funds from a clutch of private equity (PE) players led by Tribe Capital and Moore Strategic Ventures (MSV) that valued the fintech company at about $600 million.
The fund was raised as part of the series C round, which saw participation from Alkeon Capital. Existing investors such as B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital also infused capital in this round, the company said in a statement.
"The first phase of our journey was enabling digital transformation by building a tech ecosystem for Indian MSMEs. Now, that we have created a widely accepted digital platform, the next step will be digitally-enabled financial services for small businesses." Khatabook co-founder and CEO Ravish Naresh said.
The current round also saw participation of Balaji Srinivasan and Sriram Krishnan participated as independent investors, among others, it added. The Bengaluru-headquartered startup is helping merchants operating in the small and medium enterprises (SME) space in India digitise their bookkeeping operations. The company, whose primary target group of consumers include small businesses, also provides online payments assistance services.
Post this fund infusion, the company said it will buy back ESOPs (employee stock options) worth $10 million to acknowledge and reward employees, ex-employees, and early investors who contributed to the company's growth.
