CashBook, a fintech startup focused on cash accounting for small businesses, has raised $2.3 million (Rs 17 crore) in a seed funding round led by JAM and Better Tomorrow Ventures.
Angel investors Kunal Shah and Anupam Mittal also participated in the round. The company said the funds raised through this round will be used to further enhance the product as well as to expand across India.
The Y Combinator-backed startup, launched in August 2020 by Vivek Kumar and Ashutosh Pathak, helps small businesses track their income and expenses through a mobile app.
“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,” Kumar, CEO of CashBook, said.
Platforms focused on small businesses have been raising funding.
Last month, Khatabook, a fintech startup focused on SMEs, raised $100 million (Rs 740 crore) as part of its Series C funding round led by US-based venture capital firms Tribe Capital and Moore Strategic Ventures.
Khatabook had launched its offline to online platform MyStore in October last year. OkCredit launched an online storefront for kiranas in November that year.
Earlier this month, 640 Oxford Ventures led an $11 million pre-Series A round in online retail platform Dukaan. It offers a no-code platform that allows local stores and entrepreneurs to launch an e-commerce website and scale it on the internet.
Sequoia Capital India led a $10.8 million Series A funding round in WhatsApp-integrated merchant e-commerce platform Bikayi that provides digital storefronts to small businesses.
In March 2021, PayU, Info Edge Ventures, and technology giant Google led a $27.5 million (around Rs 199.6 crore) Series A round in Gurugram-based DotPe.