In our chaotic everyday lives, we tend to get preoccupied with various tasks and forget about to manage book-keeping and track of all financial transactions, which may make things seem quite frantic at times. Fortunately, we now have the option of relying on excellent accounts management software, which keeps track of our due dates and efficiently handles the digital logbook of online transactions that we do.
Using company management application software, such as Khatabook, you won’t have to be concerned about forgetting the days on which payments need to be paid. It is the fastest-growing SaaS startup in the world, according to Khatabook.
Khatabook is more efficiently working on app that can be download from Android’s PlayStore and Apple App Store. It notifies you through WhatsApp or SMS when money is due to be paid or collected on your behalf.
Khatabook – Business Hua Easy!
The Story of a Startup
Ravish Naresh and a group of college buddies founded Kyte.ai, a digital spend management app, in 2016. Since then, the company has grown to over 100 employees. Users’ SMS notifications were used to get insight into their spending habits, thanks to the app. Kyte originally had a lot of momentum, but it never reached the anticipated growth amount. Additionally, the researchers discovered that all of its users were situated in urban areas.
After doing the study, they discovered that first-time internet users were not familiar with digital transactions and continued to depend on conventional khata (from where the name originates) or ledger books for their transactions. According to Ravish, they wanted to create something that people would be interested in and then develop a company around it.
During this time, the concept for Khatabook began to take shape, and the team started developing a straightforward financial management software, which they titled Khatabook. Kyte Technologies is the firm that owns Khatabook and is the Khatabook founder and all of its subsidiaries.
Creating Real Value for Kirana Stores
Unlike other platforms that cater to the merchant community, which spend a lot of money on marketing to gain downloads and installations, Khatabook relied on the power of word-of-mouth to get their message through. Customers are attracted to Khatabook app via this method because merchants are more inclined to trust other shopkeepers when they tell them about the savings and revenue advantages of using Khatabook. The shops get timely reminders regarding the payments that are due from Khatabook via the use of WhatsApp.
When a shopkeeper begins to use the app, their spending receivables increase by a factor of two, doubling their revenue. Because of the service provided by Khatbook, for example, a shopkeeper who has outstanding debts from customers totalling INR 7 Lakh – INR 8 Lakh might expect to get around INR 3 Lakh – INR 4 Lakh back in a reasonable amount of time.
This is something that no other software offers; everyone gives INR 100 in cashback, but no one is providing actual value in the range of INR 3 lakh to INR 4 lakh.
Taking Advantage of the Credit Market
Khatabook is a member of the first batch of startups selected for Sequoia Capital‘s startup accelerator and incubation program, Surge. The choice to participate in the program was made in a very organic fashion.
The firm does not yet have any intentions for monetization and is instead concentrating on user aggregation rather than monetizing the existing services that it provides.
What Khatabook does have in the works in terms of monetization is providing financial services to users. The financial services industry is a good fit for this market, and we will pursue it in the next 18-24 months.
Aside from that, the business is developing its own UPI-based payments stack, which it plans to deploy among merchant users so that payments may be made directly from inside the app.
Currently, Khatabook is seeking to expand its engineering and development teams and its data science team to use the massive datasets it has amassed throughout its operations. You can also contact Khatabook customer care for any issues.
Customers from countries other than India are now a significant part of the startup’s user base, accounting for 10% of the total. These nations include Bangladesh, Pakistan, Nepal, and certain countries in the Middle East. Khatabook has around 10 million monthly active users, with the number of users expanding all the time.
Legal Name: KhataBook Inc.
About: Khatabook is the fintech startup that provides a digital ledger app targeted primarily at small businesses.