Khatabook to shutdown operations of MyStore

Khatabook to shutdown operations of MyStore

Sequoia-backed SaaS start-up Khatabook strategies to discontinue the functions of its e-commerce enablement app MyStore

Sequoia-backed SaaS start-up Khatabook strategies to discontinue the functions of its e-commerce enablement app MyStore from November 15.

Launched in October 2020, Weddings MyStore permitted modest and medium enterprises (SMBs) to established up a digital retailer entrance and share the website hyperlink on WhatsApp and other social media channels, without acquiring to fork out any commission to the organization. Khatabook claims that this choice is similar to its product or service portfolio consolidation.

In a reaction to BusinessLine queries, Khatabook spokesperson mentioned, “Our goal is to deliver close-to-finish electronic organization methods to the MSMEs. In the past several months, we have designed strategic conclusions like buying Biz Analyst and making financial support disbursement abilities on our platform. With these new strategic developments in area, we are consolidating our product or service providing portfolio and this selection is portion of our strategic expansion program.”

In a recent organization weblog put up, Khatabook asked for people to download invoices and uninstall the application. In accordance to MyStore’s web-site, the organization has about 5,00,000 registered customers.

Enterprise profile

Khatabook focuses on solving a variety of enterprise management complications for MSMEs. Its flagship Khatabook application is a electronic ledger remedy for business enterprise finance and recovery management. Pagarkhata by Khatabook is a personnel and salary administration system.

Khatabook acquired Biz Analyst, a SaaS company management remedy built-in with the Tally ERP9 ecosystem to offer you top quality value-included solutions allowing a bird’s-eye see of the small business functions to SMEs.

Also browse: Fintech get started-up Khatabook acquires Biz Analyst for $10 mn in a income, fairness deal

Started in January 2019, Khatabook is accessible in 13 languages and claims to have 10 million month to month lively end users. Some of its investors consist of Sequoia, Tencent, Y Combinator, and B Funds Team amid others. In August, Khatabook raised $100 million Series C funding from Tribe Money and Moore Strategic Ventures at a valuation of $600 million.

Covid impact

MyStore was previously acknowledged as Dukaan by Khatabook, which led the business into a lawful tussle with for alleged trademark violation and plagiarism. Even so, Khatabook denied the allegations at that time.

Publish the pandemic outbreak, digitisation became a requirement for SMBs to carry on functions, leading to the increase of DukaanTech platforms like MyStore. Last 12 months observed the start of various these platforms together with Electronic Dukaan launched by DotPe, OkShop was commenced by OKCredit, MeraOnlineStore by MSwipe, and Popshop by Meesho, among the other people.