Khatabook, a Bengaluru-based accounting and business record-keeping startup, is involved in a dialogue to raise $20 million (approx ₹130 crore) in Series A funding from DST Partners fund, Ribbit Capital and Sequoia Capital, reported ET, citing anonymous sources.
Other investors are also likely to participate including Jitendra Gupta, founder of Citrus Pay, and Kunal Shah, CEO of Cred.
Khatabook, based out of Bengaluru, was founded by Ravish Naresh in 2018. It offers a smartphone-based application that helps the entrepreneur with payment reminders, which are automatically sent to customers and helps in accounting as well.
The aim is to simplify the lives of more than 50 million shopkeepers in the country by keeping track of all their transactions and payments.
The startup, which makes accounting and business record-keeping simple for small merchants and entrepreneurs, may also get an additional $5 million from Chinese investors, cited ET.
While, DST Partners fund is a personal investing vehicle for the partners at Yuri Milner’s DST Global.
Khatabook claimed that more than 1.2 lakh active merchants on its platform, posting 40 per cent growth month-on-month.
Earlier, the company had raised $4 million from Y Combinator, InfoEdge.
Simultaneously, some of the prominent fintech startup includes Paytm, PhonePe, Amazon Pay, Google Pay, Bhim, PayU, etc.