LAST UPDATED: March 25, 2021, 4:11 p.m.
New Delhi (Anish Yande): Khatabook, the digital bookkeeping app, has finalized the acquisition of Biz Analyst for a sum of $10 million. Biz Analyst, the SaaS (software-as-a-service) business management app, was acquired through a cash and equity deal. The acquisition is among Khatabook’s efforts to increase growth and monetization.
Khatabook acquires BizAnalyst for $10 million:
The acquisition is Khatabook’s first strategic acquisition. The digital bookkeeping and ledger app currently has an active monthly merchant base of 10 million merchants. Khatabook has processed more than 1.4 billion transactions, amounting to a value of more than $100 billion. Khatabook is backed by Sequoia Capital, the venture capital firm.
Khatabook would be integrating the workforce of Biz Analyst, expanding the employee base to 200. The cofounders of the Mumbai-based firm, Mehul Sutariya, Nilesh Zaveri, and Vaibhav Vasa would be joining the leadership team of Khatabook.
Through the acquisition, Khatabook would be providing the merchants on its platform with services to digitize operations. The customers on the platform would receive services such as digital invoicing, automation of sales force, and business analytics after they subscribe to the premium version of the app.
Khatabook to expand services in 2021:
Khatabook would also be offering services such as inventory management invoice creation, and automated GST filing through the integration of services provided by Biz Analyst.
Biz Analyst was launched in 2016 which provides solutions to SMEs using Tally accounting software for automating daily business operations. The company provides software for managing inventory, sales, and productivity. The SAAS app has a current user base of 80,000 paid users.
Khatabook had also launched Pagarkhata for MSMEs for managing workforce tasks. The app facilitated the management of employee payment, attendance/leaves, payslips, salary calculation, and monthly/hourly wages.
The digital bookkeeping app is currently looking for new revenue options following losses of Rs 126 crore in 2019-20. Khatabook would be launching insurance and credit products for merchants in 2021.
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