- KhataBook, a fintech app serving small businesses with digital loans and bookkeeping software, achieved a 14% increase in operating revenue, reaching Rs 81 crore in FY23.
- This revenue growth represents a slowdown compared to the previous year when KhataBook’s revenue soared by over 300%, hitting Rs 71 crore.
- While the company saw a slight 4% increase in losses, amounting to Rs 125 crore in FY23, this is still lower than the losses of Rs 120 crore in FY22, which had been significantly higher compared to Rs 32 crore in FY21.
- KhataBook adopted cost-cutting measures in FY23, maintaining total expenses at Rs 223 crore, with a significant portion attributed to employee benefit expenses, reaching nearly Rs 142 crore.
- KhataBook recently streamlined operations by laying off over 40 employees and has received significant funding from investors, with a valuation of $600 million in August 2021 during its Series C round.