Fintech Startup Raised Rs 743 Crore In Series C Financing.
The fintech startup Khatabook said on Tuesday that it has completed a $100 million (approximately Rs 7.43 billion) Series C financing with a valuation of close to $600 million (approximately Rs 44.56 billion).
The fintech startup Khatabook said on Tuesday that it has completed a $100 million (approximately Rs 7.43 billion) Series C financing, and its current valuation is close to $600 million (approximately Rs 44.56 billion). This round of financing was led by American venture capital firms Tribe Capital and Moore Strategic Ventures (MSV).
Different financial backers in the oversubscribed series C round were Alkeon Capital with proceeded with speculation support from interior financial backers B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures and Better Capital.
Moreover, Balaji Srinivasan Sriram Krishnan took an interest as autonomous financial backers among others. Besides, the startup is repurchasing $ 10 million (about ₹ 74 crore) worth of ESOPs to recognize and remunerate workers, ex-representatives and early financial backers who added to the organization’s development.
Qualified representatives will actually want to sell as much as 30% of their vested alternatives. Khatabook has likewise extended its ESOP pool to $ 50 million (about ₹ 371 crore).
In the midst of the developing interest for innovation arrangements by India’s MSMEs, Khatabook experienced 150% year-on-year development in FY 20-21. Right now, the stage across the entirety of its product items has more than 10 million month to month dynamic clients.
CEO and co-founder Ravish Naresh said that the first stage of the company’s journey is to achieve digital transformation by establishing a technology ecosystem for Indian small, medium and micro enterprises.
“Now we have created a widely Accepted digital platforms, the following is the next step will be to provide digital financial services for small businesses. Our investors are confident in our mission, and we are honored to help local businesses succeed by providing the right digital empowerment for them ,” he said.
Khatabook said it has a user base in almost every region of India. In the next phase, its focus will be to pay for financial services through its technology platform.
Financial services on the Khatabook platform will digitally increase the efficiency of loans, payments and deposits in the ecosystem.
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