Khatabook to double user base in Vizag by 2022-end

Hyderabad Fintech startup Khatabook plans to strengthen its presence in Visakhapatnam. The startup expects to double its user base in Visakhapatnam by next year. More than 1.4 lakh merchants are using Khatabook in the region to manage their cash flows through efficient bookkeeping of business transactions and an automated payment recovery support system on the app.

The adoption of Khatabook solutions witnessed significant traction in the region post-pandemic as the medium, small and micro enterprises (MSMEs) strived to modernise business operations for sustenance and growth. Khatabook has identified Visakhapatnam as one of the fastest-growing business zones for the company in the State.

To support the ever-increasing demand for digital MSME solutions, Khatabook accelerated its operations by strengthening the product portfolio and introducing several new offerings such as Biz Analyst, and Cashbook. As a result, the company enables MSMEs to be more efficient by making the entire business value chain more efficient. Khatabook has recently launched an automated Automated Bot Call Reminder, India's first Interactive Voice Response (IVR) based feature deployed exclusively for MSMEs.

Khatabook is available in 13 Indian languages and has a user-friendly interface for the merchant community in various parts of the country. In the state of Andhra Pradesh, the majority of the Khatabook users prefer using the app in English, followed by Telugu. The app is heavily used by merchants dealing with groceries and food, agencies and services, textiles, apparel, and footwear. Visakhapatnam, Vijayawada and Guntur are the top three user-base cities for Khatabook in AP.

Ravish Naresh, CEO, and Co-founder, Khatabook, added - "In the current scenario, digital is the need of the hour for running a business. It is humbling to see that Visakhapatnam's MSME community is adopting Khatabook's digital offerings to manage their businesses more efficiently. We have launched new features and designed products keeping the requirements for small businesses as the prime focus. We will continue to stay relevant by introducing upgraded digital solutions and features ensuring seamless business continuity for the merchant community."

With close to 4.7 lakh merchants using the app in AP, it is one of the most trusted digital solutions for small businesses in the state and the country. For Visakhapatnam, the total outstanding credit amount per month per merchant is about Rs 16,000. On an average, it takes 18 days to recover outstanding amounts for sales on credit for MSMEs in Visakhapatnam, the same for the overall MSME user base in AP.