Posted by Bangalore: Fintech startup Khatabook acquired Biz Analyst – a SaaS business management application in a $10 million worth cash – equity mix deal. However, Biz Analyst will continue to operate as a distinct brand and offer premium value-added services to customers.
For fintech startup Khatabook this buyout mark’s its move into the next growth phase and offering 10 million-plus monthly active (customers) merchants with premium value-added services.
With a closer integration with merchants’ upstream supply chains — distributors, wholesalers, traders and suppliers, Khatabook users can now easily avail themselves additional features. And improve their efficiency through business analytics, sales force automation and digital invoicing.
Founded in late 2016, Biz Analyst has remained a cash flow positive business. It provides solutions to SMEs using Tally accounting software to automate daily business operations. And help them make data-driven decisions to manage sales, inventory, outstandings and productivity.
It has achieved consistent growth and currently has over 80,000 paid users. Biz Analyst, now as a part of Khatabook, aims to double the user base in 2021. It wants to create bigger opportunities for the network of its 1000 plus channel partners.
The Biz Analyst team will continue to run independently, retaining Mumbai operations and maintaining synergies with the Khatabook. Biz Analyst’s founding team Vaibhav Vasa, Mehul Sutariya and Nilesh Zaveri will now be a part of Khatabook’s leadership team.
The fintech startup Khatabook said that the Biz Analyst buyout is in line with its continued efforts for meaningful change. And solve complex problems in-house through technology, building the right infrastructure and help MSMEs in India.
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.
“This deal is our first strategic acquisition as we intensify our network effects up the supply chain and focus on monetization. Biz Analyst’s features and strengths are the perfect extensions to our present business portfolio,” said Ravish Naresh, CEO and Co-Founder Khatabook.
“The acquisition is a step forward for Khatabook in its mission to provide business efficiency to Indian MSMEs through value-added services,” added Naresh.
“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 SMEs through our affordable SaaS solutions and connecting businesses across different verticals onto a single platform,” said Biz Analyst founders Vaibhav Vasa and Mehul Sutariya in a joint statement.
Over the course of the last year, several MSMEs and kiranas have adopted technology to become more operationally resilient. Khatabook platform recorded 1.4 billion-plus transactions with a cumulative value of more than $100 billion.