In the following 18 months, Bangalore-based finance startup Khatabook hopes to reach the profitability criterion. The MSME lender hopes to accomplish this by concentrating on its digital lending products and growing the number of customers who use its premium Software-as-a-Service (SaaS) services.
A commercial desktop edition of Khatabook will be released in November in keeping with this progress. According to a statement the company made, it also aims to handle Rs 1,000 crore worth of assets in the upcoming 12 months.
Commenting on this announcement and the road ahead, Ravish Naresh, co-founder and CEO of the company, said: “We had a strategic timeline to focus on Growth for the first three years and then enter monetization. Our growth journey has been very satisfying. We stand at 10 million monthly active users spread across almost every district in India, and our platform records more than $32 billion in monthly transactions (in value) by our MSME users.”
According to information provided by the Micro, Small, and Medium Enterprises Ministry, the MSME sector employs more people than any other after agriculture, contributing around 30% of India’s GDP and 45% of its exports. PM Narendra Modi has frequently emphasised how important this sector will be in assisting India’s transition to a $5 lakh crore economy.
In addition, Naresh said that they are currently concentrating on organic development and adding more than 600 monthly installs organically. They will become lucrative with the use of this “strategic blueprint.”