Fintech Startup Khatabook Acquires SaaS Startup Biz Analyst For $10 Mn
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Bengaluru-based fintech startup Khatabook on Thursday announced the acquisition of software-as-a-service (SaaS) business management application Biz Analyst in a deal worth $10 million as a mix of cash and equity.
With this acquisition, Khatabook aims to leapfrog into the next phase of growth and offer its customer base of over 10 million monthly active merchants an opportunity to scale up their businesses by utilizing premium value-added services.
Creating a closer integration with their upstream supply chains—distributors, wholesalers, traders, and suppliers—Khatabook users can now seamlessly avail additional features to improve their efficiency through business analytics, sales force automation, and digital invoicing.
“This deal is our first strategic acquisition as we intensify our network effects up the supply chain and focus on monetization. The features and strengths that Biz Analyst offers are the perfect extension to our present business portfolio. The acquisition is a step forward for Khatabook in its mission to provide business efficiency to India’s MSMEs through value-added services,” said Ravish Naresh, chief executive officer, and co-founder, Khatabook.
Launched in late 2016, the Biz Analyst team will continue to run independently, retaining Mumbai operations while maintaining synergies with the Khatabook headquarter in Bengaluru. The original co-founding team of Biz Analyst Vaibhav Vasa, Mehul Sutariya, and Nilesh Zaveri will now be a part of Khatabook’s leadership team, the company shared.
Utilizing Khatabook’s core strength, Biz Analyst’s tech solutions will potentially reach a widespread and massive network of MSMEs spanning almost every district in India. The tech and product development efforts will be scaled up while streamlining hiring and talent development under the Khatabook structure.
“We are thrilled to join forces with Khatabook, a company whose core values and mission resonate with ours. Together, we look forward to expanding the digital adoption by small and medium enterprises (SMEs) through our affordable SaaS solutions and connecting businesses across different verticals onto a single platform. 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,” added Vaibhav Vasa and Mehul Sutariya, founders, Biz Analyst, in a joint statement.
Over the course of the last year, several MSMEs and kiranas have adopted technology to become more operationally resilient. Powering the digital transformation of the ecosystem, Khatabook platform recorded over 1.4 billion transactions with a cumulative value of more than $100 billion.