• 1800 120 77 88 99

Khatabook acquires Biz Analyst in a $10 Mn deal

Saransh Pandey

Intern
  • March 25, 2021
Share with
    Biz Analyst is a five-year-old company that provides software solutions to SMEs to manage sales, inventory, outstandings, and productivity.

Khatabook has acquired Biz Analyst, a SaaS business management application, in a deal comprising cash and equity worth $10 million. Following the transactions, the entire team of Biz Analysts will join Khatabook along with their co-founders Vaibhav Vasa, Mehul Sutariya, Nilesh Zaveri who will become part of Khatabook’s leadership team.

The Biz Analyst team will continue to run independently, said Khatabook in a press statement. Biz Analyst’s offerings would help existing merchants on Khatabook to enhance efficiency and business through analytics, sales force automation, and digital invoicing.

The acquisition appears to be in line to bolster its e-commerce enablement product MyStore and compete holistically with the competition including OkShop by OkCredit, Digital Showroom by Dot, and Dukaan.

Biz Analyst is a five-year-old company that provides software solutions to SMEs to manage sales, inventory, outstandings, and productivity. The company claims to have over 80,000 paid users and it aims to double the user base in the ongoing calendar year.

Ravish Naresh, CEO, and co-founder of Khatabook said in a statement that this deal is its first strategic acquisition as it intensifies its network effects up the supply chain and focuses on monetization. The development comes at a time when the Khatabook app is exploring new revenue streams. The Sequoia Capital-backed company is reportedly planning to offer credit and insurance products for its merchants.

Apart from bookkeeping, Khatabook also has two separate apps for SMEs — MyStore and Pagarkhata for staff management. The three-year-old company has over 10 million monthly active users.  Khatabook spent Rs 127 crore in the last fiscal, OkCredit’s total expenditure during the period was recorded at Rs 157 crore.

Besides their core business, Khatabook has been competing with Dot, which has just raised $23.4 million from PayU, Google, and InfoEdge. According to reports, Dukaan is also in talks with multiple investors to raise a larger round. It had raised $6 million from Lightspeed and Matrix in October 2020.

Want to subscribe our Newsletter?