[Funding alert] Fintech startup CashBook raises $2.3M in seed round led by JAM, Better Tomorrow Ventures

Y Combinator-backed startup CashBook on Tuesday said it raised $2.3 million in a seed round led by prominent VCs JAM and Better Tomorrow Ventures. Kunal Shah, Anupam Mittal, and a host of other angel investors also participated in the round.

Launched in August 2020 by Vivek and Ashutosh, CashBook is a digital record-keeping app using which businesses can add entries, segregate records, and find overall balance instantly.

It helps small businesses track their income and expenses through their mobile app. In just a year, its adoption has grown very rapidly — clocking more than one million downloads.

The startup will use the funds to further enhance the product and expand its pan-India reach, Vivek Kumar said.

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Speaking about the new development, Vivek Kumar, Co-founder and CEO, CashBook, said,

“Accounting and its related aspects are one of the early challenges faced by small businesses. I have experienced these pain points firsthand and understand the struggles faced by owners in managing accounts and other aspects of their business. It is imperative to keep track of income and expenditure at this stage, and CashBook solves this. With CashBook, businesses can maintain a digital record and get better insights on their accounts as well.”

Talking about their participation in this funding round, Sheel Mohnot, Co-founder, Better Tomorrow Ventures (BTV), said,

“We are always looking to back innovative fintech startups solving everyday problems for users. Indian SMEs are rapidly going digital, and CashBook is empowering that transformation in record-keeping today. That initial hook will pave the way for further digitisation of operations for the small-scale economy, enabling the local businesses to compete and thrive better."

Justin Mateen, Co-founder, Tinder, and investor at JAM Fund, said, “CashBook offers a simple and reliable solution for digital record keeping. With tens of millions of small businesses, the Indian market offers tremendous growth opportunities for CashBook. Glad to support the founder’s vision to accelerate the digital transformation of SMBs in India.”