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.
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.
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.
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 they 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.
They will now focus on deepening her 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.