The company offers one of the most popular cash management tools for small businesses to record their income and expenses
Bangalore, 28th September 2021: Y Combinator backed startup CashBook, has raised $2.3 million in a seed funding round. The round was led by prominent 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 and Ashutosh, CashBook helps small businesses track their income and expenses through their mobile app. In just one year, its adoption has gro wn very rapidly – clocking more than 1 million downloads.
Speaking about this, 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. It is imperative to keep track of income and expenditure at this stage and CashBook solves this. With CashBook, businesses can maintain a digital record and get better insights on their accounts as well.”.
Speaking about it, Justin Mateen, Co-Founder, Tinder and Investor at JAM Fund said, “CashBook offers a simple and reliable solution for digital record keeping. With tens of millions of small businesses, the Indian market offers tremendous growth opportunities for CashBook. Glad to support the founder’s vision to accelerate the digital transformation of SMBs in India”
Talking about their participation in this funding round, Sheel Mohnot, Co-Founder, Better Tomorrow Ventures (BTV) said, “We are always looking to back innovative FinTech startups solving everyday problems for users. Indian SMEs are rapidly going digital, and CashBook is empowering that transformation in record keeping today. 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.”
The funds raised through this round will be used to further enhance the product as well as to expand its pan-India reach,” Vivek Kumar added.
CashBook is a digital record-keeping app using which businesses can add entries, segregate records, and find overall balance instantly.
Although record keeping can be hard, messy, and complicated, it is still the best way to track business progress and accounts. With CashBook, this process is not just simple and reliable but also more organized with reduced margin for error.