Khatabook announced the acquisition of Biz Analyst, a leading SaaS business management application, in a deal worth USD 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.
Launched in late 2016, Biz Analyst is a cash flow positive business providing solutions to SMEs using Tally accounting software to automate daily business operations and make data-driven decisions to manage sales, inventory, outstandings and productivity. The company 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 and create bigger opportunities for the network of its 1000+ channel partners.
The Biz Analyst team will continue to run independently, retaining Mumbai operations while maintaining synergies with the Khatabook headquarter in Bangalore. 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 acquisition is in line with Khatabook’s continued efforts to drive meaningful change and solve complex problems in-house through technology and focus on building the right infrastructure to empower MSMEs in the country. 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.
Commenting on this, Ravish Naresh, CEO and Co-founder, Khatabook said, “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.”
The founders of Biz Analyst, Vaibhav Vasa and Mehul Sutariya in a joint statement said, “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. 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.”
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 1.4 billion+ transactions with a cumulative value of more than $100 billion.