Mumbai: Khatabook, a fintech startup focused on SMEs, has acquired a SaaS-based business management app Biz Analyst for $10 million (around Rs 72.6 crore).
Cashflow-positive Biz Analyst, set up in 2016 by Vaibhav Vasa and Mehul Sutariya, uses its Tally accounting software to help SMEs automate their daily business operations and make data-driven decisions regarding sales, inventory, and productivity.
The firm, which claims to have more than 80,000 paid users, will continue to function independently, retaining its Mumbai operations while leveraging synergies with Khatabook at the latter’s Bengaluru headquarters.
“This deal is our first strategic acquisition,” Khatabook co-founder and CEO Ravish Naresh said.
Khatabook was set up in 2018 by Naresh, Dhanesh Kumar, Jaideep Poonia, and Ashish Sonone. Its flagship application allows SME merchants to record and track business transactions.
It has also launched two other platforms – e-commerce-focused MyStore and staff and salary management platform Pagarkhata.