Vice President, Tesla China
Ravish Naresh spotted a gap in India’s retail market: While many small businesses were using mobile technology in most aspects of their lives, they still deferred to traditional pen and paper for their business bookkeeping.
The response from Naresh and his team was to create an app that can help bring these merchants into the digital age.
Established less than two years ago, Khatabook now has an active user base of 8 million small businesses in India. Naresh says the app is used in 4,000 cities and towns and supports 11 local languages. Earlier this year, the startup raised $60 million in a new financing round and is now valued at an estimated $300 million.
Khatabook's strength is its accessibility. The app uses features and UX, which mimic apps that the target audience may be more familiar with, such as WhatsApp, making bookkeeping a simple process, regardless of digital literacy levels.
"Khatabook is unlocking real money, and it's often a significant portion of annual incomes," Naresh tells Business Insider. "The time saved versus manual calculations is up to two hours per day per merchant. That time can now be spent on business or with family, and that’s invaluable."