Dhoni-Backed Khatabook Clocks Rs 102.7 Crore Revenue, Reduces Losses by 7% in FY24
- ByStartupStory | November 6, 2024
Khatabook, the digital bookkeeping and lending startup, has achieved a significant milestone by crossing the Rs 100 crore revenue mark for FY24, while also successfully reducing its losses by 7.32%. Backed by prominent investors including Y Combinator, Peak XV (formerly Sequoia Capital), and cricket icon Mahendra Singh Dhoni, the Bengaluru-based company saw revenue from operations increase by 26.97% to reach Rs 102.70 crore, up from Rs 80.88 crore in FY23.
In a strong show of financial resilience, Khatabook reported a reduction in net loss to Rs 116.24 crore, a considerable decrease from the Rs 125.43 crore posted a year earlier. Despite a modest 3% increase in total expenses, which rose to Rs 230.08 crore in FY24, the company implemented effective cost-control measures. Among these, employee benefit expenses were cut by 17% year-on-year (YoY), bringing them down to Rs 117.12 crore.
However, the startup noted a sharp rise in other expenses, which include contractor fees and payment gateway charges. These costs surged 51% YoY to reach Rs 106.44 crore, reflecting a strategic expansion in service delivery and support.
Khatabook has become a transformative tool for small businesses in India, allowing merchants to digitise bookkeeping and accept online payments. The platform, which has raised over $100 million in funding, was founded in December 2018 by Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia. The startup is also among the group of Y Combinator-backed companies opting to shift their domicile from the US to India, aligning with a growing trend to localize operations.
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