Khatabook to shutdown operations of MyStore

Sequoia-backed SaaS begin-up Khatabook designs to discontinue the operations of its e-commerce enablement app MyStore from November 15.

Launched in October 2020, MyStore authorized little and medium companies (SMBs) to established up a digital store front and share the world-wide-web link on WhatsApp and other social media channels, devoid of getting to fork out any fee to the company. Khatabook claims that this choice is connected to its product portfolio consolidation.

In a reaction to BusinessLine queries, Khatabook spokesperson reported, “Our goal is to present conclude-to-stop electronic enterprise solutions to the MSMEs. In the past handful of months, we have produced strategic decisions like obtaining Biz Analyst and building fiscal services disbursement abilities on our system. With these new strategic developments in location, we are consolidating our products providing portfolio and this decision is section of our strategic progress prepare.”

In a the latest organization blog site article, Khatabook requested customers to down load invoices and uninstall the application. In accordance to MyStore’s web-site, the firm has over 5,00,000 registered buyers.

Organization profile

Khatabook focuses on resolving many organization administration troubles for MSMEs. Its flagship Khatabook application is a digital ledger resolution for business enterprise finance and recovery administration. Pagarkhata by Khatabook is a personnel and salary administration system.

Khatabook acquired Biz Analyst, a SaaS organization administration resolution built-in with the Tally ERP9 ecosystem to supply top quality value-added providers making it possible for a bird’s-eye look at of the business operations to SMEs.

Also go through: Fintech get started-up Khatabook acquires Biz Analyst for $10 mn in a dollars, equity offer

Established in January 2019, Khatabook is available in 13 languages and promises to have 10 million regular monthly active customers. Some of its buyers consist of Sequoia, Tencent, Y Combinator, and B Money Team among the other folks. In August, Khatabook lifted $100 million Sequence C funding from Tribe Funds and Moore Strategic Ventures at a valuation of $600 million.

Covid impression

MyStore was previously identified as Dukaan by Khatabook, which led the organization into a authorized tussle with for alleged trademark violation and plagiarism. Nevertheless, Khatabook denied the allegations at that time.

Post the pandemic outbreak, digitisation became a necessity for SMBs to go on operations, major to the rise of DukaanTech platforms like MyStore. Very last year saw the launch of many this sort of platforms together with Electronic Dukaan released by DotPe, OkShop was started off by OKCredit, MeraOnlineStore by MSwipe, and Popshop by Meesho, amid other people.

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