Sequoia-backed SaaS start-up Khatabook plans to discontinue the operations of its e-commerce enablement app MyStore from November 15.
Launched in October 2020, MyStore allowed small and medium businesses (SMBs) to set up a digital store front and share the web link on WhatsApp and other social media channels, without having to pay any commission to the company. Khatabook claims that this decision is related to its product portfolio consolidation.
In a response to BusinessLine queries, Khatabook spokesperson said, “Our objective is to provide end-to-end digital business solutions to the MSMEs. In the past few months, we have made strategic decisions like acquiring Biz Analyst and building financial service disbursement capabilities on our platform. With these new strategic developments in place, we are consolidating our product offering portfolio and this decision is part of our strategic growth plan.”
In a recent company blog post, Khatabook requested users to download invoices and uninstall the app. According to MyStore’s website, the company has over 5,00,000 registered users.
Khatabook focuses on solving various business management problems for MSMEs. Its flagship Khatabook app is a digital ledger solution for business finance and recovery management. Pagarkhata by Khatabook is a staff and salary management platform.
Khatabook acquired Biz Analyst, a SaaS business management solution integrated with the Tally ERP9 ecosystem to offer premium value-added services allowing a bird’s-eye view of the business operations to SMEs.
Founded in January 2019, Khatabook is available in 13 languages and claims to have 10 million monthly active users. Some of its investors include Sequoia, Tencent, Y Combinator, and B Capital Group among others. In August, Khatabook raised $100 million Series C funding from Tribe Capital and Moore Strategic Ventures at a valuation of $600 million.
MyStore was formerly known as Dukaan by Khatabook, which led the company into a legal tussle with MyDukaan.io for alleged trademark violation and plagiarism. However, Khatabook denied the allegations at that time.
Post the pandemic outbreak, digitisation became a necessity for SMBs to continue operations, leading to the rise of DukaanTech platforms like MyStore. Last year saw the launch of multiple such platforms including Digital Dukaan launched by DotPe, OkShop was started by OKCredit, MeraOnlineStore by MSwipe, and Popshop by Meesho, among others.