Khatabook Revenue, Valuation, Funding & Investors

Khatabook is valued at $600M as of August 2021, a 66.7x multiple on its last reported $9M revenue.

Last Khatabook valuation

$600M

Series C · Aug 2021

Last Khatabook funding round

$100M

Series C · Aug 2021

Khatabook revenue

$9M

Series C · Aug 2021

Key investors in Khatabook

  • Y Combinator
  • Peak XV Partners
  • B Capital
  • Tribe Capital
  • Gokul Rajaram
  • Hummingbird Ventures

Khatabook Overview

About Khatabook

Khatabook is a Bengaluru-headquartered SaaS platform digitizing accounting for micro, small, and medium enterprises in India. Launched in 2018, it supports ledger management, payments, and invoicing in 11 Indian languages through its Android app used by merchants nationwide. The platform received the Best Innovative Mobile App award at India Digital Awards in 2020.


Founded

2018

HQ

IndiaBangalore

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$9M (Aug 2021)

Valuation

$600M (Aug 2021)

Khatabook Valuation

Khatabook is currently valued at $600M, based on its Series C in August 2021.

The $100M round was led by Tribe Capital.

Khatabook's valuation has grown 2.0x from $300M at its Series B in May 2020 to $600M in August 2021, across 2 priced rounds.

Khatabook valuation by funding round

Revenue multiple
Khatabook valuation by funding round
DateStageValuationRevenue Multiple
Aug 2021Series C$600M66.7x
May 2020Series B$300M33.3x

Khatabook Revenue

Khatabook's latest recorded revenue is $9M, as of its Series C in August 2021. At a $600M valuation, that implies a 66.7x revenue multiple.

Revenue moved from $9M in May 2020 to $9M in August 2021, while the revenue multiple moved from 33.3x to 66.7x.

Khatabook revenue by funding round

Khatabook revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Aug 2021$9M$600M66.7xSeries C
May 2020$9M$300M33.3xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Khatabook Funding History

Khatabook has raised a total of $187M across 4 funding rounds.

Khatabook's first fundraising round was a $2M seed round in April 2019. The most recent completed round was a $100M Series C in August 2021.

Khatabook funding rounds

Khatabook funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series CTribe Capital (lead)$100M$600MKhatabook, a Bengaluru-based fintech platform operated by ADJ Utility Apps, raised $100 million in its Series C funding round on August 24, 2021, led by Tribe Capital and Moore Strategic Ventures, with participation from Alkeon Capital, B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, Better Capital, and individuals like Balaji Srinivasan and Sriram Krishnan. The post-money valuation stood at $600 million. Alongside the raise, Khatabook bought back $10 million in ESOPs, allowing eligible employees to sell up to 30% of vested options, and expanded its ESOP pool to $50 million. The funds were earmarked for hiring across engineering, product, design, analytics, and data science to grow its team beyond 200 employees, and to launch financial services like insurance and credit for its merchant partners, marking a shift toward monetization. Khatabook, founded in 2018 by IIT-Bombay graduates, provides a SaaS business management app for India's MSMEs to digitize bookkeeping, track transactions, and recover credit, available in 13 languages with over 10 million monthly active users and 50 million downloads. The startup recently acquired Biz Analyst, a SaaS business management platform, and plans to expand lending products tested with retailers and distributors.
May 2020Series BB Capital (lead)$60M$300MKhatabook is a Bengaluru-based fintech startup providing a digital ledger app that helps micro, small, and medium enterprises (MSMEs), kirana store owners, and merchants track credit, sales, collections, and transactions digitally in multiple Indian languages. Founded in 2018 by IIT Bombay alumni Ravish Naresh, Ashish Sonone, Dhanesh Kumar, and Jaideep Poonia, it emerged from Y Combinator and Sequoia Surge programs, competing with OkCredit and Vyapar. By May 2020, over eight million merchants used the platform, with one million daily active users uploading transactions worth $200 million daily and 25% growth via word-of-mouth. In its Series B round on May 20, 2020, Khatabook raised $60 million led by B Capital Group (founded by Facebook co-founder Eduardo Saverin), with participation from existing investors like Sequoia Capital India, Tencent, GGV Capital, RTP Global, Partners of DST Global, Hummingbird, Falcon Edge, Unilever Ventures, Rocketship.VC, and angels including Kunal Shah and Kunal Bahl. The post-money valuation reached $275-300 million, more than tripling from prior rounds. This followed a $25 million Series A in October 2019 and an undisclosed angel round from MS Dhoni in March 2020. Proceeds were earmarked for enhancing fintech offerings, building financial services technology, expanding merchant onboarding (targeting two crore more users), and creating a merchant-focused distribution platform amid COVID-19, which accelerated MSME digitization. Investors highlighted Khatabook's role in addressing revenue leakage, credit tracking, and efficiency for India's 60 million merchants. The round underscored investor confidence in digital-first MSME tools during economic slowdown, positioning Khatabook for growth in a sector expected to see doubled digitally sophisticated businesses in 3-5 years. Later, it raised $100 million Series C in August 2021 at $600 million valuation from Tribe Capital and others.
Oct 2019Series ADST Partners; Akshay Kothari; Hummingbird Ventures; Gokul Rajaram; Y Combinator; Anand Chandrasekaran; Deep Nishar; Jitendra Gupta; Amrish Rau; Aditya Agarwal; Kunal Bahl; James Veraldi$25M-Khatabook, a Bengaluru-based startup founded in late 2018 by Ravish Naresh, Dhanesh Kumar, Jaideep Poonia, and others under Kyte Technologies, provides a mobile app for small merchants, kirana stores, and SMEs in India, Nepal, Bangladesh, and Pakistan to digitally record and track business transactions, send payment reminders via WhatsApp/SMS, generate reports, and accept UPI payments, replacing traditional paper ledgers. The app supports 11 languages, targets digitizing bookkeeping for over 500 business types including retail, electronics, and agriculture, and had achieved 2.9 million active businesses and 5 million registered users by October 2019, with 20% weekly growth and no marketing spend. In October 2019, Khatabook raised $25 million in a Series A round led by GGV Capital, with participation from DST Global partners, RTP Ventures, Sequoia India (Surge accelerator, prior $1.5M investment), Tencent, Y Combinator, and over 20 angels including Aditya Agarwal (Dropbox), Akshay Kothari, Amrish Rau (ex-PayU), Anand Chandrasekaran (ex-Facebook), Deep Nishar (SoftBank), Gokul Rajaram (Square), James Veraldi (TikTok), Jitendra Gupta (LazyPay), and Kunal Bahl (Snapdeal), bringing total funding to $29 million since inception. The funds were allocated to scale the technology team, build new products like billing and invoicing for MSMEs, and expand monetization of its user base, with ambitions to onboard 25 million Indian merchants in the next 12 months. The app had facilitated $3 billion in transactions in August 2019 and helped users recover $5 billion in credit receivables over six months, saving each of 5 million merchants over 600 productive hours annually, though these are transaction volumes and recoveries, not revenue or ARR. Khatabook originated from an app built by Vaibhav Kalpe in 2016, acquired by Kyte Technologies in October 2018. It ranked among the highest-rated business apps on Google Play in India, with UPI payments doubling monthly, positioning it to impact India's MSME sector amid rapid adoption.
Apr 2019SeedPeak XV Partners (lead)$2M--

Who has invested in Khatabook?

15 investors have backed Khatabook across its funding rounds, including Y Combinator, Peak XV Partners, B Capital, Tribe Capital, Gokul Rajaram and Hummingbird Ventures.

Lead investors include Tribe Capital, B Capital and Peak XV Partners.


Khatabook Investors

Investors in Khatabook by funding rounds participated
InvestorHQRoundsRoleFirst check
DST PartnersUnited StatesTampa, FL1ParticipantOct 2019
Akshay KothariUnited StatesSan Francisco, CA1ParticipantOct 2019
Hummingbird VenturesBelgiumBrussels1ParticipantOct 2019
Gokul RajaramUnited StatesSan Francisco, CA1ParticipantOct 2019
Y CombinatorUnited StatesSan Francisco, CA1ParticipantOct 2019
Anand ChandrasekaranIndiaGurgaon1ParticipantOct 2019
Tribe CapitalUnited StatesSan Francisco, CA1LeadAug 2021
Deep NisharUnited StatesSan Francisco, CA1ParticipantOct 2019
Jitendra GuptaIndiaMumbai1ParticipantOct 2019
Amrish RauSingaporeSingapore1ParticipantOct 2019
B CapitalUnited StatesLos Angeles, CA1LeadMay 2020
Aditya AgarwalUnited StatesSan Francisco, CA1ParticipantOct 2019
Peak XV PartnersIndiaBangalore1LeadApr 2019

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Khatabook Competitors

Khatabook competitors include listed companies like Baida Group Co and ODDITY Tech, and private ones like Ocrolus, Latent, proteanTecs and Virtuous Software.

Public and private companies comparable to Khatabook
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
OcrolusUnited StatesUnited StatesPrivate$20M-$500M25.0x
LatentUnited StatesSan Francisco, CAPrivate--$600M-
proteanTecsIsraelHaifaPrivate$60M-$600M10.0x
Virtuous SoftwareUnited StatesUnited StatesPrivate--$600M-
Baida Group CoChinaChinaPublicly listed$31M$9M$586M-
ODDITY TechUnited StatesUnited StatesPublicly listed$810M$131M$889M1.8x

Khatabook Public Comps

Khatabook is still privately-owned, but its public comps include Hanwang Technology Co, Unisound Ai Technology, Baida Group Co, PKSHA Technology, ExaWizards, Teamshares, PAR Technology, Intelligo Technology, Shenzhen Sunwin and Huitongda Network.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hanwang Technology Co$282M($14M)2.2x-(44.4x)-
Unisound Ai Technology$181M($22M)3.0x2.1x(24.5x)(36.1x)
Baida Group Co$31M$9M13.6x-45.2x-
PKSHA Technology$140M$47M4.1x2.4x12.2x10.7x
ExaWizards$77M$13M6.6x5.7x39.3x-
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
PAR Technology$456M($27M)2.2x2.0x(38.0x)24.4x
Intelligo Technology$50M$20M8.4x8.4x20.8x-

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Common questions about Khatabook

When was Khatabook founded?Khatabook was founded in 2018.
Where is Khatabook headquartered?Khatabook is headquartered in Bangalore, India.
Is Khatabook publicly listed?No, Khatabook is a private, VC-backed company.
What is Khatabook's valuation?Khatabook was last valued at $600M in its Series C in August 2021.
How much funding has Khatabook raised?Khatabook has raised $187M across 4 funding rounds.
What was Khatabook's last funding round?Khatabook's last funding round was a $100M Series C in August 2021, led by Tribe Capital.
Who are Khatabook's investors?Khatabook's investors include DST Partners, Akshay Kothari, Hummingbird Ventures, Gokul Rajaram, Y Combinator, Anand Chandrasekaran, Tribe Capital, Deep Nishar, Jitendra Gupta, Amrish Rau and 5 others.
What is Khatabook's revenue?Khatabook's latest recorded revenue is $9M (August 2021).
What is Khatabook's revenue multiple?Khatabook's latest valuation implies a 66.7x revenue multiple ($600M valuation on $9M of revenue).
Which companies are comparable to Khatabook?Companies comparable to Khatabook include Ocrolus, Latent, proteanTecs, Virtuous Software, Baida Group Co and ODDITY Tech.

See companies similar to Khatabook

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