Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The digital bookkeeping sector in India has taken off over the past two years, with more small merchants going online.
Khatabook and others are already expanding across the MSME ecosystem, with new apps launched for e-commerce enablement and staff management Khatabook's co-founder and CEO Ravish Naresh and his team saw an opportunity to digitize these millions of MSMEs and offer a digital alternative to the manual process. "In India, most of the individual shopkeepers have been working with a pen and paper for decades," he said. "They're only just beginning to come online and for the first time, using a digital tool like Khatabook for business.
The app currently has an active user base of over 8 million small businesses, while its closest competitor OkCredit has just over 5 million. Likewise, Khatabook recorded 21 million downloads in the first 10 months of 2020, compared to 10.6 million for OkCredit. Users are able to record all transactions and maintain a digital record. They can also track business transactions safely and securely, have online payment collection, and send periodic reminders to creditors via SMS and WhatsApp. "The simplicity of the interface, language inclusion, and scalable tech platform are the primary product considerations that have helped us serve our user base better," said Naresh.
This came one month after Khatabook introduce a similar app called MyStore, also aimed at helping small businesses open instant e-commerce stores. The company said that MyStore has been already installed by more than 2.5 million merchants in the country and it is available in 13 Indian languages.
ravishnaresh ING Khatabook is absolutely dominating the market. Kudos to the real G.O.A.T ravishnaresh
ING thanks