Y Combinator-backed startup CashBook has raised $2.3 million in a seed funding round. The round was led by prominent VCs JAM and Better Tomorrow Ventures. Kunal Shah, Anupam Mittal and a host of other angel investors also participated in the round.
Founded in August 2020 by Vivek and Ashutosh, CashBook helps small businesses track their income and expenses through their mobile app. In just one year, its adoption has multiplied – clocking more than 1 million downloads.
Vivek Kumar, Co-Founder and CEO of 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,” added Vivek.
CashBook is a digital record-keeping app using which businesses can add entries, segregate records, and find overall balance instantly. The company offers cash management tools for small businesses to record their income and expenses
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 the company. Glad to support the founder’s vision to accelerate the digital transformation of SMBs in India.”
Although record-keeping can be complex, messy, and complicated, it is still the best way to track business progress and accounts. With CashBook, this process gets more organized with a reduced margin for error.
“The funds raised through this round will be used to enhance the product further as well as to expand its pan-India reach,” said Vivek Kumar.