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CashBook raises $2.3 mn in seed funding round

CashBook raises $2.3 mn in seed funding round

Launched in August 2020, CashBook helps small businesses track their income and expenses through mobile app. It has seen manifold growth in one year -- hitting over 1 million downloads

Co-founders Vivek Kumar and Ashutosh launched CashBook in August 2020 Co-founders Vivek Kumar and Ashutosh launched CashBook in August 2020

Y Combinator-backed startup CashBook has raised $2.3 million in a seed funding round. Venture capitalists JAM and Better Tomorrow Ventures led the round, along with investors Kunal Shah, Anupam Mittal and others. These funds will be used to further enhance the product and expand the reach.

Co-founders Vivek Kumar and Ashutosh launched CashBook in August 2020. It helps small businesses track their income and expenses through mobile app. The platform has seen manifold growth in one year -- hitting over 1 million downloads.

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

Vivek Kumar, Co-Founder & CEO of CashBook, 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. With CashBook, businesses can maintain a digital record and get better insights on their accounts as well."

Justin Mateen, Co-Founder, Tinder, and Investor at JAM Fund said CashBook offers a simple solution for digital record keeping. "With tens of millions of small businesses, the Indian market offers tremendous growth opportunities for CashBook."

On the funding round, Sheel Mohnot, Co-Founder, Better Tomorrow Ventures (BTV) said Indian SMEs are rapidly going digital and CashBook is empowering that transformation. "That initial hook will pave the way for further digitisation of operations for the small-scale economy," it added.

Also read: Satya Nadella says Microsoft's failed TikTok deal 'strangest thing I've worked on'

 

Published on: Sep 28, 2021, 3:14 PM IST
Posted by: Manoj Sharma, Sep 28, 2021, 3:10 PM IST
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