Retail

CashBook raises $2.3 mln in a seed funding round


BANGALORE: Y Combinator backed company CashBook, has raised $2.3 million in a seed funding round. The round was led by 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 Kumar and Ashutosh, CashBook helps small businesses track their income and expenses through their mobile app. In one year, its adoption has grown rapidly – clocking more than one million downloads.

In a statement, Kumar 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.”

The funds raised through this round will be used to further enhance the product as well as to expand its pan-India reach.

“CashBook offers a solution for digital record keeping. With tens of millions of small businesses, the Indian market offers growth opportunities for CashBook,” said Justin Mateen, co-Founder, Tinder and investor at JAM Fund, in a statement.

CashBook is a digital record-keeping app using which businesses can add entries, segregate records, and find overall balance instantly.

Talking about their participation in this funding round, Sheel Mohnot, co-Founder, Better Tomorrow Ventures (BTV), in a statement, said, “Indian SMEs are rapidly going digital, and CashBook is empowering that transformation. That initial hook will pave the way for further digitization of operations for the small-scale economy, enabling the local businesses to compete and thrive better.”

Although record keeping can be hard, messy, and complicated, it is still the best way to track business progress and accounts.



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