Bookkeeping and e-commerce enabling stage Khatabook on Tuesday said it has closed a $100 million Series C funding round at a valuation of close to $600 million. The round was led by US-based VC firms Tribe Capital and Moore Strategic Ventures.
Alkeon Capital, Eduardo Saverin’s B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital likewise participated in the financing round. Aside from that, Balaji Srinivasan and a16z’s Sriram Krishnan participated as independent investors.
Khatabook’s announcement confirms Entrackr’s break from May. We had exclusively reported that the organization was in converses with raise $100 million at a valuation of $600 million.
This is a 2X leap in the organization’s valuation which had scooped up a $60 million Series B round at a valuation of $250-300 million last May.
Khatabook said it has expanded its ESOP pool to $50 million and that it was buying back $10 million worth of ESOPs to acknowledge and reward employees, ex-employees, and early investors. Eligible employees of the organization will actually want to sell as much as 30% of their vested choices.
The organization claimed it experienced a 150% year-on-year development in FY21 and had more than 10 million month to month active users. It was a pre-revenue making organization until FY20. According to Fintrackr, Khatabook had recorded an absolute expenditure of Rs 127 crore for the financial year ended on March 31, 2020, with no operating revenue.
In March, Khatabook had acquired Biz Analyst in a deal worth $10 million to bolster its e-commerce enablement item MyStore.
In the e-commerce enablement space, Khatabook competes with the likes of Dot, Dukaan, OkCredit and Bikayi. Five months prior, Dot had raised $23.4 million in its Series B round led by the worldwide payment gateway monster PayU which likewise saw cooperation from Google and InfoEdge.
