Khatabook has released the Automated Bot Call Reminder Feature to improve the credit / Udhari collection for its Merchant userbase. The Automated Bot Call Reminder is the first Interactive Voice Response (IVR) based feature deployment exclusively for MSMEs, which is made available in nine Indian languages.
Money recovery for sale on credit / Udhar vaapsi has been a major business pain point for MSMEs in India. The text-based recovery reminder feature on Khatabook app has contributed tremendously in scaling the app because of its impact in improving cash flows for the users. This new capability is a premium voice enabled feature designed to further simplify and improve Merchants’ credit collection from their customers through Automated IVR calls using a third-party service. This feature is categorized into four sub-features: Automated Call, Bulk Call, Collection Dashboard, and Call History. The automated calls placed through Khatabook Call reminder feature are followed up with text-based SMS with payment collection links for fast recovery. In addition, users who need to collect payment from multiple customers on a particular date can do so by setting up bulk call reminders.
Ravish Naresh, CEO, and Co-founder, Khatabook, said, “In our endeavor to set a benchmark in the MSME tech space, we are democratizing processes for small businesses by providing them access to the digital tools which were used only by large organizations earlier. As per Khatabook user insights, nearly 30 percent of customers of any merchant require an extra nudge for payment collection. Building on this need as we look to maximize value for our users, we have introduced the Automated Bot Call Reminder feature to save the merchants’ time on follow-ups and enhance their credit recovery through automation. We are using tech as an equalizer of the opportunities.”
Amidst the growing demand for technology solutions by India’s MSMEs, Khatabook experienced 150 percent Y-o-Y growth in FY 20-21. The startup has recently closed a USD 100 million Series C funding round, with a valuation close to USD 600 million. Khatabook intends to focus on financial service disbursement through its tech platforms catering to 10Mn+ Monthly active users distributed throughout the geographical expanse of the country.