Indian digital ledger startup Khatabook has acquired SaaS (software-as-a-service) business management app Biz Analyst in a $10 million (₹72.6 crore ) cash and equity deal.
This is Khatabook’s first strategic acquisition. The three-year old company hopes that it will offer premium value-added services to its 10 million customer base and will drive monetization.
Biz Analyst, launched in 2016, helps small and medium businesses to automate their daily business operations and make data-driven decisions to manage sales, inventory, outstandings and productivity. It claims to have over 80,000 users and will continue to operate as a separate brand under Khatabook.
Biz Analyst also claims to be cash flow positive. The company’s founders Vaibhav Vasa, Mehul Sutariya, and Nilesh Zaveri will join Khatabook’s leadership team.
“The features and strengths that Biz Analyst offers are the perfect extension to our present business portfolio. The acquisition is a step forward for Khatabook in its mission to provide business efficiency to India’s MSMEs through value-added services,” said Ravish Naresh, chief executive and co-founder of Khatabook, in a statement.
Khatabook last raised funding in May 2020 from new and existing investors including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures.
Earlier in March 2020, former Indian cricket team captain Mahendra Singh Dhoni had invested an undisclosed amount in the startup and is also the brand ambassador for the company.