Khatabook, a digital bookkeeping software, revealed on Tuesday that it has secured $100 million in a Series C investment round, valuing the company at $600 million. Tribe Capital and Moore Strategic Ventures (MSV) are both located in the United States, lead the investment.
Alkeon Capital, B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital were among the investors that participated in the round, which was oversubscribed. As independent investors, Balaji Srinivasan and Sriram Krishnan took part.
Khatabook will purchase them back $10 million in ESOPs to thank and reward current and past workers, as well as early investors who believed in the firm. Employees who qualify will be allowed to sell up to 30% of their vested options. The ESOP pool has been increased to $50 million, according to the firm.
Khatabook has stated that it will increase its employment efforts, particularly in the areas of engineering, product, design, analytics, and data science.
It stated that it will now concentrate on financial service disbursement through its digital platforms, which are well-liked by MSMEs. In the MSME area, it will digitally encourage loan, payment, and deposit-related efficiency.
According to the digital bookkeeping software, it is seeking for the proper collaboration options to enable the seamless implementation of solutions for small company economic goals.
“Khatabook has effectively established such a network by supporting this seismic change among MSME firms to go from paper to digital, literally,” said co-founder Arjun Sethi.
Khatabook, which was founded two and a half years ago, now boasts a user base of ten million active users. They also have a SaaS company management solution called Biz Analyst, a personnel management platform for enterprises called Pagarkhata, and a digital cash handling and monitoring system called Cashbook.