On 9 November, Khatabook shared an important update related to their MyStore App. Through a blog post, it announced that the app would no longer be available after 15 November.
The blog post also said: “MyStore will officially shut down on 15 November 2021. Before the shutdown, We request you to take the following actions.”
Khatabook requested the users to download invoices by sharing order invoices and delete the app by uninstalling it. MyStore was launched in the competition of Dukaan app which has working on similar concept.
Khatabook will continue associating with their other products, such as Khatabook, for the bookkeeping and receivable management. Along with that Biz Analyst for business intelligence and business management, Pagarkhata for your staff and salary management needs, and Cashbook for cash handling and tracking.
In October 2020, Khatabook started the ‘MyStore’ app on Android. The app comes equipped with a seamless, intuitive, and secure interface with an easy sign-up process – allowing merchants to take their business online in simply 15 seconds.
Khatabook’s ‘MyStore’ is available in 13 Indian languages, assuring ease of usage and pan-India adoption. The app allows merchants to continue doing business while maintaining social distancing norms. MyStore has already been installed by more than 2.5 million merchants in the country. The app is estimated to have user profile synergy with more than a third of the flagship Khatabook app’s user base.
When launched, Khatabook said it is committed to helping small business owners over India prepare for a digital-first future with cutting-edge solutions. With a monthly active user base of 8 million, the company has disrupted the Indian MSME industry by completely automating the traditional business ledger process.
Digital bookkeeping space was a hot proposition for top-tier venture capitals over the past three years. The top two players – OkCredit and Khatabook, who digitize traditional khata-bahi, have cleaned up over $170 million from the support of Tiger Global, B Capital, Falcon Edge and Lightspeed.
During FY20, Khatabook has lost Rs 30 crore less without any income. According to Khatabook’s filings analyzed by Fintrackr, the company has lost Rs 126 crore in FY20.