Khatabook, the Digital Ledger startup has recently acquired software-as-a-service (SaaS) accounting software Biz Analyst, for $10 million in a mix of cash and equity, it said on Thursday.
KhataBook is a market leader in digital bookkeeping. It has achieved tremendous success ever since its inception and has huge potential as KhataBook’s core business revolves around the MSMEs.
Keen on accelerating its growth, the fintech start-up Khatabook has acquired Biz Analyst, a SaaS business management application. With this acquisition, Khatabook will now offer premium value-added services to over 10 million monthly active merchants. The startup is scouting for other such acquisitions in order to add more services to the platform.
“We will continue to be on the lookout for good software companies which will add value to our MSME ecosystem,” said Ravish Naresh, CEO of KhataBook. “We are also building offerings for larger retailers to manage their invoice creation, inventory management and automated GST filing. These are some of the modules after Pagarkhata that we intend to launch this year,” Naresh further added.
Biz Analyst is a business that has a user base of 80,000 and provides solutions to SMEs using Tally accounting software to automate daily business operations and manage sales, inventory, outstandings and productivity. With KhataBook taking over Biz Analyst, its users are expected to double up. The Biz Analyst will continue to operate in Mumbai alongside collaborating with KhataBook in Bangalore.
“As the new chapter in our growth journey unfolds, we are excited to create bigger and better opportunities for our team, for our partners, and most importantly, for our customers, by bringing in products that cater towards solving day-to-day challenges faced by them,” said Biz Analyst cofounders Vaibhav Vasa and Mehul Sutariya.