Digital Accounting Application Khatabook Enabling e-commerce is closing its product on My Store. In addition to accounting, the application is one of the main products of the Sekoya-backed company and has raised funds to expand it.
“Thank you for being part of the MyStore journey. We plan to terminate the MyStore app. Your MyStore app will not be active from November 15, 2021, ”the company said in a statement Blog Post. Before uninstalling the app, the company asked them to download their receipts by sharing the order receipts.
According to the company, the business analyst will continue his work for Business Intelligence and Business Administration. Pagarkata For staff and payroll management needs and Cashbook for cash management and monitoring. Biz was an analyst. Acquired Khatabook in March this year with a $ 10 million fair and financial deal in March.
“We are strengthening our product portfolio, and this decision is part of our strategic growth plan,” a Katabuk spokesman said in response. Entracker Questions.
It is worth noting that Katabuk has had a legal fight against theft since August last year with rival Dukan. Katabuk after three or four months of war He changed his name. The application goes from ‘Dukaan by Khatabook’ to ‘MyStore by Khatabook’ even though the “Create your online path in 15 seconds” tag remains on the Play Store.
In addition to Dukan, Katabuk competed with e-commerce environments such as Dot, OkCredit and Bikayi. Dot was launched in early March. $ 23.4 million He has also been involved in Google and Infoge, led by PayU, a global payment gateway in the Serie B roundtable.
When the company was launched, MyStore was bold and optimistic about MyStore’s action. On the other hand, if the product does not see significant traction and the decision helps Katabuk to focus on its core offerings, it may be a good decision to do accounting, attendance and payroll management and so on.
During the last fundraiser, Khatabook said it has grown by 150% year-over-year in its 21st year and has more than 10 million monthly active users. The company was the largest revenue earner up to FY20. according to Fintracker, Had Khatabook Registered The total expenditure of Rs 127 million in the fiscal year ended March 31, 2020 with no operating revenue. The company has raised about $ 190 million to date and is currently valued at $ 600 million.
At Catbook Online, rival rival OKCredit OkShop has launched a similar product. according to EntrackerSources: OKCredit e-commerce enabled product is not working well. The accounting department has seen strong investor demand in the back of more than 60 million SMEs in India. User interface and design, in addition to an adaptive framework for better cash flow management, have been key to calling among users so far.