By Manish Singh
Khatabook, a startup that is helping merchants in India digitize their bookkeeping and accept online payments, said on Tuesday it has raised $100 million in a new financing round as it prepares to launch financial services.
The startup’s new financing round — a Series C — was led by Tribe Capital and Moore Strategic Ventures and valued the two-and-a-half-year-old Bangalore-headquartered startup at “close to $600 million,” its co-founder and chief executive Ravish Naresh told TechCrunch in an interview.
As part of the new round — which was oversubscribed and also saw participation of Balaji Srinivasan and Alkeon Capital as well as many other existing investors including Sriram Krishnan, B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital — Khatabook said it is also buying back shares worth $10 million to reward its current and former employees and early investors. The startup said it is also expanding its stock options pool for employees to $50 million
Even as hundreds of millions of Indians came online in the past decade, most merchants in the South Asian nation are still offline. These merchants, who run neighborhood stores, rely on traditional ways for bookkeeping — maintaining ledgers on paper — that are …read more
Source: Tech Crunch