Khatabook said that it had raised $100 million led by Tribe Capital and Moore Strategic Ventures, making it a valuation of $600 million. Existing investors like B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital also invested in the funding. The round also includes $10 million of employee shares purchased back by the company, providing some early employees with a financial windfall. Eligible employees can trade over 30 per cent of their fixed options.

Founded by former Housing.com co-founder Ravish Naresh, the startup offers digital book-keeping services to small and medium enterprises, including retail outlets, supplied with other apps for staff and expense management. Khatabook told its products have over 10 million monthly users, and it rose 150 per cent in FY21. “The first phase of our journey empowered digital transformation by developing a tech ecosystem for Indian MSMEs. Now we have created a digital platform; the next step will be digitally-enabled financial services for small businesses,” Naresh said.