[Funding alert] MS Dhoni backs fintech startup KhataBook

International cricketer and former India captain, Mahendra Singh Dhoni, has made an undisclosed amount of funding in Bengaluru-based KhataBook that is helping for small and medium businesses in India manage their accounts and ledgers. Dhoni will not only invest in KhataBook but will also become its brand ambassador.

Commenting on this association, MS Dhoni said, 

“There are many new-age companies in the country, only a few like KhataBook, are making a difference at the grassroots level. Having grown up in small-town India, I saw friends and family struggle with outdated modes of doing business and tracking finances. KhataBook has had an outsized impact on the lives of India’s small merchants and retailers.”

The firm plans to use the proceeds from the latest equity investment to expand its product portfolio and double down on its technology and capabilities. 

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Dhoni’s decision to invest in KhataBbook comes at a time when the firm claims to have crossed 2 crore registered merchants on its app. 

The company has set aggressive growth targets for expansion across smaller towns and villages. KhataBook is aiming to onboard another 2 crore merchants over the next 12 months. 

Ravish Naresh, Co-founder and CEO, Khatabook said, 

“We are thrilled to welcome Mahi to the KhataBook family. He embodies the spirit of true sportsmanship and entrepreneurship - the ability to adapt, evolve and be a leader, focusing on a larger cause beyond his success. These are the qualities that have made him one of the most-loved captains of Indian cricket. At KhataBook, we aspire to build the same level of trust, agility and reliability among our merchants and business partners and be a true partner to them in their journey.”

Today, merchants across 5000+ Indian cities use the KhataBook app. From Kirana stores to mobile recharge shops, garment dealers and jewellers, KhataBook serves over 500 types of businesses in India at present. It supports 11 languages and has recorded cash transactions worth over Rs 3.7 lakh crore in the last one year. The app has also organically acquired merchants in Nepal, Pakistan and Bangladesh.

Having completely automated the traditional business ledger process in the country, the app claims that it is helping each of 2 crore Indian merchants save over 700 productive working hours in a year.

Ved Prakash, VP Marketing, KhataBook, added, 

"KhataBook's initial growth came organically and we currently have a market penetration of 25-30 percent. Now the idea is to drive trust and reliability at a large scale. This is why doing our brand campaign with Dhoni is a great fit. With this, we are poised at strengthening brand awareness, creating categories and increasing penetration by 50-60 percent. We will now focus on deepening our relationship with the merchants by creating more use cases and cementing reliability with the brand."

In August 2019, Dhoni also backed Gurugram-based Cars24, an online marketplace for buying and selling used cars.

(Edited by Kanishk Singh)