Mumbai-based Kyte Technologies, which owns and operates digital accounts ledger app KhataBook, is set to raise $20-$25 million (Rs 138-Rs 172 crore) in series-A financing round, which will lead by DST Partners, a personal investing vehicle for the partners at Israeli-Russian billionaire Yuri Milner’s DST Global.
Ribbit Capital, Sequoia Capital and a couple of Chinese funds will also contribute to the round, reported Times of India.
Besides, more than 20 angel investors including prominent investor Gokul Rajaram, Jitendra Gupta, the founder of Citrus Pay, and Kunal Shah, CEO of Cred, are also likely to participate in the round, said the report.
Expected to be finalised in the coming weeks, the Khatabook funding would be one of the largest series-A funding rounds for a homegrown startup this year.
Founded in 2018, by IIT-Bombay alumni Ravish Naresh, Jaideep Poonia, Dhanesh Kumar and Ashish Sonone, Khatabook replaces traditional udhaar bahi-khata (accounts book/ledger) by its digital app, which shop owners can use to record credit and debit transactions for their trusted customers and can maintain their customers’ accounts securely. The app is claimed to be free and comes with features such as SMS updates to customers on every transaction, Automatic Backup, WhtasApp payment reminder to customers and download of customers’ PDF Report among others.
While Ravish was one of the Co-founders and COO at Housing.com, a property listing websites. Jaideep Poonia, Dhanesh Kumar and Ashish Sonone, were co-founders of Knit Messenger, a messaging application that made it easy for teachers to connect with parents and students.
Part of Y Combinator and Sequoia Capital’s Surge, Khatabook has so far raised just over $3 million from Y Combinator, Sequoia and InfoEdge, the parent of naukri.com and 99acres.com. The startup also counts Citrus Pay founders – Amrish Rau and Jitendra Gupta, and Square’s Gokul Rajaram as its angel investors.
Khatabook services SMBs that operate in both metropolitan and non-metropolitan cities and is available in a wide variety of Indian languages, including the popular Hinglish dialect. The app recently crossed 120,000+ weekly active merchants and is growing at 40% MoM.