Internovo Ventures acquires Mera Cashier, will rebrand it to Indibook
The acquisition will allow Internovo to penetrate deeply into the small business and merchant segments.
Internovo Ventures on Friday announced that it has bought the rights to Mera Cashier, a technology platform offering 'khata' solutions to small merchants across India, marking this Intervono's first acquisition.
Internovo Ventures is a joint venture between Karan Desai, Founder, Interface Ventures, and Akshay Srivastava, Founder, DSFX Technologies.
Following this transaction, Mera Cashier will be rebranded to Indibook, said Akshay Srivastava. “Internovo’s soon-to-be-launched B2B2C loan origination platform Indirow will be deeply integrated into Mera Cashier and the technology stack of RULoans,” he said.
By combining fundamental accounting with fully integrated loan arrangement services, the transaction will enable Internovo to penetrate the small company and merchant categories, as per Desai, Director, Internovo Ventures.
“Credit is a critical need for these merchants including small grocery and stationery stores, and food stalls, and hence we want to offer a deeply integrated platform to our merchant community which will allow them to maintain their books and avail credit on the go,” he added.
To help small businesses digitise daily transaction records and effectively track credit sales, Mera Cashier was developed and launched in 2019. It replaces the manual registers kept by the businesses and keeps better track of unpaid invoices from their local and known customers.
Suneel Kumar, Co-founder, Mera Cashier, said that Internovo’s extensive network in financial services and lending sectors and their in-house technology development capabilities will help the platform to evolve and remain competitive.
“The management team of Mera Cashier will stay closely involved in the development and re-launch of the platform, as it embarks upon the journey to assume a new avatar and enhance operational profitability in the shortest possible time frame,” he added.
Disclaimer: This story has been updated to correct the designation of a person quoted in the story.
Edited by Akanksha Sarma