CashBook raises $2.3M in seed round
CashBook, a fintech startup announced that it has raised $2.3 million in a seed round led by JAM and Better Tomorrow Ventures.
The round also saw participation from Kunal Shah, Anupam Mittal, and a slew of other angel investors.
Founded in August 2020 by Vivek and Ashutosh, CashBook is a digital record-keeping app that enables businesses to add entries, segregate records, and find overall balance instantly.
It also enables small businesses to keep a track of their income and expenses via their mobile app. In just one year, its adoption has increased very quickly — recording more than one million downloads.
The startup plans to use the freshly raised funds to further improve the product and grow its pan-India reach, Vivek Kumar said.
Speaking about the funding, Vivek Kumar, Co-founder and CEO, CashBook, said, “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. It is imperative to keep track of income and expenditure at this stage, and CashBook solves this. With CashBook, businesses can maintain a digital record and get better insights on their accounts as well.”
Commenting on the investment, Sheel Mohnot, Co-founder, Better Tomorrow Ventures (BTV), said, “We are always looking to back innovative fintech startups solving everyday problems for users. Indian SMEs are rapidly going digital, and CashBook is empowering that transformation in record-keeping today. That initial hook will pave the way for further digitization of operations for the small-scale economy, enabling the local businesses to compete and thrive better.”
Justin Mateen, Co-founder, Tinder, and investor at JAM Fund, said, “CashBook offers a simple and reliable solution for digital record keeping. With tens of millions of small businesses, the Indian market offers tremendous growth opportunities for CashBook. Glad to support the founder’s vision to accelerate the digital transformation of SMBs in India.”
CashBook seems to have empowered several businesses with its innovative platform. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of CashBook.Shishir Gupta, Founder and CEO, StartupLanes
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