Internovo Ventures buys Mera Cashier to provide accounting and loan services to small merchants
- ByStartupStory | February 18, 2023
Mera Cashier, a technology platform that provides “khata” solutions to small-scale merchants in India, has been acquired by Internovo Ventures. The acquisition was carried out by Internovo Ventures, a joint venture between the family office of finance industry veteran Karan Desai and DSFX Technologies Founder Akshay Srivastava.
The founders Suneel Kumar, Sucharita Reddy, and Gaurav Tomar launched Mera Cashier in 2019 to enable small-scale merchants to digitize their day-to-day transaction records and enhance their ability to manage credit sales efficiently. The technology platform offers “khata” solutions for merchants in India. The platform has been acquired by Internovo Ventures, a joint venture between finance industry veteran Karan Desai’s family office and DSFX Technologies’ founder Akshay Srivastava.
Mera Cashier, a platform that helps small merchants to better monitor outstanding receivables from local and familiar customers by eliminating manual registers, has been acquired by Internovo Ventures. The platform, which was incubated by the Google Accelerator program and Nexus, a business incubator program run by the US Embassy and ACIR, has seen over 300,000 installations, 40,000 monthly active users, and more than 500,000 end-customer transactions to date.
Notable angel investors in Mera Cashier currently include Amit Singhal, founder of Fluid Ventures; Sukhbir Singh, a renowned Bollywood singer; Vinod Abrol, Head of Private Investments at the SAR Family Office; and India Accelerator.
Karan Desai, Director of Internovo Ventures, has stated that the acquisition of Mera Cashier is a highly strategic fit in Internovo’s fintech platform strategy. This acquisition will allow Internovo to penetrate deeply into the small business and merchant segments by marrying basic accounting with fully integrated loan arrangement services. The aim is to offer a deeply integrated platform to the merchant community, including small grocery and stationery stores, food stalls, etc., to allow them to maintain their books and avail credit on the go, which is a critical need for these merchants.
According to Akshay Srivastava, the founder of DSFX Technologies, the upcoming B2B2C loan origination platform Indirow from Internovo will be integrated with Mera Cashier, which is being rebranded as “Indibook.”
Additionally, RULoans’ technology stack, which is one of India’s largest corporate DSAs and arranges over Rs. 2,500 crore of retail loans per month for clients across India, will also be integrated for easy loan facilitation.
Suneel Kumar, one of the co-founders of Mera Cashier, expressed his enthusiasm for the partnership with Internovo Ventures, highlighting their broad reach in the financial services and lending sectors, as well as their technology development capabilities.
Kumar stated that the Mera Cashier team will work closely with Internovo to evolve and relaunch the platform, now renamed “Indibook,” with a focus on enhancing operational profitability in a short period.
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