Collecting money for sale on credit has been a major problem for MSMEs in India. The text-based recovery reminder feature on the Khatabook app has helped in scaling up the app due to its impact on improving cash flow for users. The designed voice function is to simplify the collection of merchants’ credit from their customers through automated IVR calls using a third party service.
This functionality is classified into four sub-functionalities:
- Automated call
- Group call
- Collection dashboard
- Call history
Automated calls made through Khatabook’s call reminder feature are followed by an SMS with payment pickup links for recovery. Additionally, users who need to collect payment from multiple customers on a particular date can do so by setting up group call reminders.
“We are democratizing processes for small businesses by giving them access to digital tools that were previously only used by large organizations. According to information from Khatabook users, almost 30% of customers of all merchants need an extra boost in collecting payments. need as we seek to maximize value for our users. We use technology to equalize opportunity, ”Ravish Naresh, CEO and co-founder of Khatabook, said in a statement.
Amid growing demand for technology solutions by Indian MSMEs, Khatabook experienced 150% year-on-year growth in fiscal year 20-21. The company recently closed a $ 100 million Series C funding round, with a valuation close to $ 600 million. Khatabook intends to focus on disbursing financial services through its technology platforms aimed at 10 million monthly active users spread across the geographic expanse of the country.