KhataBook

Fintech startup Khatabook has laid off 42 employees, or 6 per cent of its total workforce, to reorient business in line with its targets, the company said on Friday. The company had a total workforce of 700 prior to the layoffs. "In-line with our profitability goals, we are reorienting some parts of our business which requires us to operate with a leaner team on certain business verticals," a Khatabook spokesperson said. "This restructuring has impacted 6 per cent of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support," the spokesperson said. Khatabook -- valued at USD 600 million (about Rs 4,500 crore) after its previous funding round -- is backed by Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures, among others. The company had raised USD 100 million (about Rs 743 crore) in the funding ro

Founded in January 2019, Khatabook claims it has 10 million monthly active merchant users, and manages more than 344 million customers on its platforms

The company said that it will continue to strengthen its talent base in 2022 by accelerating hiring across engineering, design, product and data teams

The firm is also buying back ESOPs worth $10 mn to acknowledge and reward employees, ex-employees, and early investors

Khatabook on Tuesday said it has raised USD 100 million in funding round, led by Tribe Capital and Moore Strategic Ventures (MSV) that valued the fintech company at close to USD 600 million

Khatabook will offer its customer base of over 10 million monthly active merchants an opportunity to scale up businesses

Khatabook is looking at leveraging its user-base to push the new app as it targets 1 million users over the next two months.

KhataBook helps small shopkeepers and merchants to maintain a digital record of their transactions through a cash-management app