Khatabook acquires SaaS firm Biz Analyst for $10 million

Fintech startup Khatabook on Friday announced the acquisition of Biz Analyst, a SaaS-based business management platform, for $10 million. The startup said that the acquisition was part of its ongoing monetisation and growth efforts. It added that the move would help Khatabook’s MSME customers to digitise operations by leveraging tools such as 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 said in a release.

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Biz Analyst is said to have posted consistent growth and currently has more than 80,000 paid customers. Biz Analyst, now as a part of Khatabook, aims to double the user base this year, it added.

Khatabook said that the Biz Analyst team would continue to operate independently, including its Mumbai operations. It would also work closely with Khatabook’s headquarter in Bengaluru. The original co-founding team of Biz Analyst Vaibhav Vasa, Mehul Sutariya, and Nilesh Zaveri will join Khatabook’s leadership team.

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“This deal is our first strategic acquisition as we intensify our network effects up the supply chain and focus on monetisation. 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,” Ravish Naresh, CEO and Co-founder, Khatabook 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,” founders of Biz Analyst, Vaibhav Vasa and Mehul Sutariya in a joint statement said.