Digital credit lending firm, Khatabook has raised INR 454 crore in equity financing round.
B Capital Group, which is an investment company established by Facebook co-founder, led the funding round. With this deal, the startup has raised $87 million in aggregate.
According to The Economic Times' sources, digital lending company is pegged between $275 million and $300 million following this round. A cohort of existing investment companies that participated in the funding round including Partners of DST Global, GGV Capital, Sequoia Capital, Tencent, and RTP Global, along with various renowned angel investors.
"Started with a vision of transforming India's small shops, today we are the biggest player in the small business segment digitizitising a sector that forms the backbone of our economy. We are looking to work closely with the government and financial institutions to strengthen our market leadership and help MSMEs increase their income while making them more efficient and competitive," Ravish Naresh, Chief Executive at Khatabook, said in an interview with the cited media agency.
The startup decides to use funds in creating financial services products. It contests with companies like OkCredit and Business Khata ( by Paytm) and thus, permits small and medium companies to record their financial transactions. It asserts to have crossed over 8 million active users beyond 11 languages in little less than a year.