Faisalabad based fintech DigiKhata raises $2 million in a seed round on 8th July | MENA startups, innovation, and tech news

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Faisalabad based fintech DigiKhata raises $2 million in a seed round on 8th July
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Faisalabad based fintech DigiKhata raises $2 million in a seed round on 8th July

Pakistan-Faisalabad-based fintech: DigiKhata raised around $2 million in a seed round on 8th July, 2021 to empower and support small businesses. With $2.1 million as their total funding, the raise was guided by Chinese VC MSA Capital and joined by Shorooq Partners, SOSV, +92 Ventures, and some angel investors.

Founded in the year 2020, DigiKhata has marked its footprints in the software industry. Founded by Adnan Aslam, DigiKhata makes it easier for small businesses to keep a track of all the transactions and book-keeping. The app doesn’t only keep a record of all the transactions as well as accounts but also gives a reminder to the customers to pay their dues. DigiKhata is a blend of two words. Digital and Khata.

Khata meaning an account that is available digitally: Digital Account. The app has been beneficial for a lot of people and has helped them build their small businesses. The reviews of customers on the app are positive as well as structural. The company replies to the reviews, works on the feedback and comes back with new features.

Adnan Aslam, the founder and the CEO of DigiKhata is also a chartered accountant. He also did his accounting functioning and gained experience in different places such as Pakistan, United Arab Emirates and Africa. Adnan’s father was the first user of the app who runs a wholesale business in Faisalabad. The business has grown to 1 million in a year already. DigiKhata gives a sense of assurance to the customers and also ensures safety and trust.

“DigiKhata has become Pakistan’s leading business management app for MSMEs with 500,000+ downloads in a remarkably short period of time. DigiKhata is led by Adnan Aslam. The app effectively cuts down the receivables of merchants to half within a few weeks of onboarding them. Our users recovered billions stuck in credit in six months, significantly impacting Pakistan’s MSME sector.” the app claims.

Adnan has established another product called DigiDokaan, which helps MSMEs build and launch their online stores. Three months into the competition and DigiDokaan has helped 50,000 users set up their stores already. “What we’re building is the largest network of MSMEs in Pakistan. We already have a lot of inbound interest from multiple organizations that want to offer different types of products and services to our userbase. We’re looking at all our options carefully.” the founder quoted while leaving a feeling of trust.

Adnan claims that the industry is very competitive.  A lot of different companies such as CreditBook, Bazaar’s Easy Khataand Udhaar. DigiKhata has marked its legacy too soon in the industry. “Competition is good for the business. It keeps you on your toes. We’re focused on serving our userbase by building the best-in-class products.” the CEO quoted. “Growth is never by mere chance; it is the result of forces working together.” — James Cash Penney, founder, JC Penney

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